Batelco (Ticker: BATELCO), the regional telecommunications group with operations across 14 countries, today announced it has signed a Share Purchase Agreement (“SPA”) with Kuwait Telecommunications Company (“VIVA”) to sell its 90% shareholding of its Kuwait subsidiary, QualityNet General Trading and Contracting Company W.L.L (“QualityNet”).

The price consideration will be determined upon completion of the full transfer of shares and fulfilment of the terms, conditions and covenants agreed between the parties in the SPA. Moreover, QualityNet’s shares will be transferred to VIVA after obtaining the necessary regulatory approvals in the State of Kuwait.