Feb 09 2012 |
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MARKET TALK:Batelco Sale Of STel Stake Positive For The Stock-NBK Capital
Thursday, Feb 09, 2012
0755 GMT [Zawya Dow Jones]--NBK Capital says Batelco's exit of the Indian market is positive for the stock. "Given that Batelco had already been looking to divest its stake in STel [its Indian Unit], the sale itself does not come as a surprise to us," says the bank. Adds that the divestiture from the troubled Indian market eliminates some pending risk for the stock. Batelco said Wednesday it has signed an agreement to sell its 42.7% stake in STel to Sky City Foundation for 65.8 million Bahraini dinars ($175 million), the decision came at a time when India's mobile phone industry is undergoing a far reaching investigation into the award of 2G licenses. Keeps its target price for the stock at BHD0.560 per share and its buy rating. Batelco trades flat at BHD0.392.(shereen.elgazzar@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
09-02-12 0759GMT
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