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Prior notification of a proposed transaction under the Telecommunications Merger and Acquisition Regulation

June 23,2022

 

23 June 2022

LAD/0622/007

 

1.      On 13 June 2022 the Telecommunications Regulatory Authority (the “Authority”) received notification of a proposed transaction from Rapid Telecom W.L.L., a duly established company under the laws of the Kingdom of Bahrain bearing commercial registration number 70579-1 (“Rapid”), pursuant to Article 2 of the Telecommunications Mergers and Acquisitions Regulation (the “Regulation”).

 

2.      Rapid is currently owned by the following shareholders:

 

Shareholder

Percentage of Share

Mr. Ghassan Mohamed Mteirek

15%

Mr. Hassan Bader Ahmed Kaiksow

35%

Mr. Isa Abdulla Mohamed Alriffai

30%

Mr. Karim Jano Salim Mouawad

15%

Mr. Muneer Rashed Ali Fulayfil

5%

 

3.      Under the proposed transaction, the following will occur:

 

a)      Mr. Ghassan Mohamed Mteirek will transfer shares amounting to 15% to Mr. Hamad Al Romaihi;

b)      Mr. Hassan Bader Ahmed Kaiksow will transfer shares amounting to 19% to Isa Alriffai and shares amounting to 16% to Mr. Nasser Adel Mattar;

c)      Mr. Karim Jano Salim Mouawad will transfer shares amounting to 15% to Mr. Nasser Adel Mattar; and

d)      Mr. Muneer Rashed Ali Fulayfil will transfer shares amounting to 5% to Mr. Nasser Adel Mattar.

 

4.      Rapid currently hold the following telecommunications licenses:

 

 

-          Individual License for National Fixed Services

-          Individual License for International Telecommunication Services

-          Individual License for International Telecommunications Facilities

-          Class License for Internet Services

-          Class License for Value Added Services

 

5.      On preliminary examination, the Authority finds that the proposed transaction could fall within the scope of the Regulation. However, the final decision on this point is reserved.

 

6.      The Authority invites interested third parties to submit their comments on the proposed transaction to the Authority, along with supporting documentation and/or evidence (if any).

 

7.      Comments should be submitted to the Authority no later than fourteen (14) days from the date of this announcement. Comments may be sent to the Authority with the reference number LAD/0622/007 to the following address:

 

 

Phillip Marnick

General Director

Telecommunications Regulatory Authority

PO Box 10353

Kingdom of Bahrain

 

Email: LAD@tra.org.bh


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