MANAMA, Feb 21 (Reuters) - Bahrain’s Batelco has cancelled plans to sell Jordanian telecom operator Umniah, the former monopoly’s group chief executive said on Sunday, citing market conditions.
In January, Batelco revealed it had received non-binding offers for Umniah, in which it owns a 96 percent stake, but that sale process will be halted, Ihab Hinnawi said in an interview.
“We’re going to terminate the sale process. It’s not an optimal time to sell, it’s an optimal time to buy. Prices are reducing, the appetite of so many big players is declining and many are over-leveraged,” said Hinnawi. (Reporting by Matt Smith; Editing by David French)