Batelco has received non-binding offers for its Jordanian subsidiary, Umniah, which could be worth up to US$600m.
Batelco (BSE:BATELCO) has received non-binding offers for its Jordanian subsidiary, Umniah, it announced in a stock market filing today.
The company, which said it received the bids yesterday, added that it would evaluate the offers “over the coming period”.
Batelco hired Citi in 2014 to run the sale, which could reportedly be worth up to US$600m.
In 2006, Batelco paid US$415m for the unit, which competes with Zain and Orange.
Saudi Arabia’s STC (TASI:7010), which is trying to up its stake in Viva Kuwait, is seen a likely buyer, while Etisalat (ADX:ETISALAT) and Ooredoo (QA:ORDS) will likely take a look.
Reporting Q3 2015 results, the parent company said Umniah had 2.9 million customers – a 2% increase year-on-year and a 6% increase from the preceding quarter.
Jordan has a population of 8.1 million, according to the CIA, which noted that the figure includes an estimated number of Syrian refugees.