Batelco to raise $1b debt from market

Batelco Group, the regional telecommunications operator with operations across six countries, has received a go ahead from its shareholders to issue a debt instruments worth $1 billion.

The decision was announced after an ordinary general meeting held on Monday at Batelco headquarters wherein shareholders also approved the acquisition of the CWC Companies in Monaco Island.

“Shareholders also approved the issuance by the Company of debt instruments up to a value of $1 billion as well as authorising and delegating the board of directors with all of the necessary authority in relation to determining the timing and conditions related to the issuance of any debt instruments and the steps required to issue them after obtaining the approval of the Central Bank of Bahrain,” Batelco in a statement said.