Batelco is selling it's 42.7% holding in S Tel to it's partner Sky City Foundation for $175Mn. The sale is expected to be completed by the fourth quarter of this year.
The company had acquired the 42.7% equity in STel via two transactions in May and June 2009 for a total of $174.5Mn.
S Tel Private Limited incorporated on June 19, 2007, is a JV between the Siva Group and Batelco Millenium India Company Ltd., a subsidiary of Bahrain Telecommunications Company. S Tel obtained Unified Access Services Licences to operate in the six Category 'C' circles of Orissa, Bihar, Himachal Pradesh, North-East, Assam and J&K in January 2008.
Wipro Consumer Care & Lighting Ltd’s (WCCLG) Singapore arm is all set to buy the Chinese fast-moving consumer goods company, Zhongshan Ma Er Daily Products Ltd. The amount of the deal is not disclosed, however it is going to be an all-cash transaction.