Bahrain's Islamic banks push market index up
- Bahrain: Monday, January 14 - 2013 at 16:32
The Bahrain All-Share Index closed 0.10% higher at 1,072.82 points Monday, driven by Islamic investment bank Gulf Finance House (up 7.70%) and Islamic retail bank Ithmaar Bank (2.94% higher). Bahrain Telecom or Batelco closed unchanged. Earlier in the day, Batelco said that its shareholders have voted to approve its acquisition of the various companies from Cable & Wireless Communications Plc (CWC) that comprise its Monaco and Islands Division. Shareholders also approved the issuance by the Company of debt instruments up to a value of $1bn as well as authorising and delegating the board of directors with all of the necessary authority in relation to determining the timing and conditions related to the issuance of any debt instruments and the steps required to issue them after obtaining the approval of the Central Bank of Bahrain. Earlier in the day, The National reported that Batelco plas to re-enter the Indian telecom market after it was forced to pull out from the subcontinent due to a corruption scandal triggered by India's former former telecom minister A Raja.
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