MANAMA: Batelco’s legal separation into two entities, now complete, will allow it to leverage its fibre-optic network and other infrastructure assets and deliver more value to shareholders, the firm’s chairman has said.
Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa told the GDN, “We want to confirm that the restructuring of the company, as part of the fourth National Telecommunication Plan (NTP4), is going to create new horizons for Batelco and opportunities to invest in digital technology and furthermore, create new and diverse revenue streams which is in line with Vision 2030 for the growth of the digital economy.”
Shaikh Abdulla also stressed the importance of maintaining best interests of the company and its stakeholders. “It is a priority for the board of directors to achieve the highest possible returns, enrich future returns and ensure the sustainable success of the company in the long run.”
He was speaking on the sidelines of a Press conference at the Four Seasons Hotel Bahrain Bay.
The new infrastructure company will work with the government to create a fibre-optic network providing residents in all areas with high-speed Internet access.
The split included the restructuring of executive management teams, plus the separation of operations systems and human resources.
The telecoms firm has appointed Mohamed Bubashait as the chief executive of the new national broadband infrastructure company, NBNetco, with Mikkel Vinter taking over from him as the new chief executive of Batelco Bahrain, which is the new retail and enterprise telecom services provider.
The two separate entities will remain under the ownership of Batelco.
Transportation and Telecommunications Minister Kamal Ahmed announced the completion of the separation during the Press conference, saying all governmental entities and stakeholders had worked closely with Batelco to facilitate the legal separation and restructuring into two companies. “This reflects our vision of the future of Bahrain’s telecommunication sector and our aim to provide a free and fair atmosphere for competition in line with national goals,” he said.
Also present at the event were TRA acting general director Shaikh Nasser bin Mohammed Al Khalifa and Mr Bubashait.
The unprecedented speeds of broadband services and support for the business sector enabled by the project would help make the kingdom a strategic investment destination and a regional hub for trade and ICT, said Shaikh Nasser.
© Copyright 2019 www.gdnonline.com
Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).