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Batelco Group AGM Approves BD41.58 M Cash Dividends

Batelco Group AGM Approves BD41.58 M Cash Dividends

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Manama, Bahrain: Batelco Group (Ticker: BATELCO), the international Telecommunications Group with operations across 14 countries, today held its Annual General Meeting (AGM) for the twelve-months ended 31 December 2014 ("the year") and its Extra-Ordinary-General Meeting (EGM) in relation to proposed changes to the Memorandum and Articles of Association in accordance with the requirements of the Commercial Companies Law Act 50 for the year 2014.  The meetings, held at Batelco's Hamala headquarters, were attended by Shareholders, Company Directors and executive management.

The Group's 35th AGM saw shareholders approve the recommendation of the Board of Directors for a full year cash dividend of BD41.58 (US$110.29M), at a value of 25 fils per share, of which 10 fils per share was already paid during the third quarter of 2014 with the remaining 15 fils to be paid in March 2015. 

Speaking on the occasion, Batelco Chairman Shaikh Hamad Bin Abdulla Al Khalifa said: "We are pleased to continue to build and return value to our shareholders as demonstrated by the dividend payment, and the progress made throughout the past year in achieving growth and diversification of the Group.

"2014 was marked by strong cash generation and growing customer numbers across the Group, with the total subscriber base now standing at over 9.5 million across the 14 geographies of the operation, representing 6% growth year on year."

"Our strategy and on-going efforts to achieve operational excellence and growth ensures the Group provides shareholders with excellent dividend yields, among the best in our industry region wide. We will continue during 2015 to deliver the best value for shareholders," Shaikh Hamad added.

Shaikh Hamad extended thanks to the shareholders for their attendance saying that their ongoing support for Batelco's strategies was much appreciated. The Chairman also extended his sincere thanks to the management teams and employees across the Group for their ongoing efforts.
"We have entered 2015 in a strong financial position; our growth over 2014 positions us as one of the most important organisations in Bahrain and gives us a stable platform to work from.  We remain focussed on our customers at home and overseas to ensure our provisioning exceeds their expectations. Furthermore, we also remain focussed on strengthening our performance to better serve all Batelco Group stakeholders," Shaikh Hamad concluded.