MANAMA, Bahrain -- Global Banking Corporation B.S.C. [C] [GBCORP] and Batelco Group, the Bahrain based leading regional telecommunications operator, have taken the first step forward in a strategic partnership for the acquisition by GBCORP of an 11% stake in S-Tel, India - a joint venture telecom company, established between the Batelco Group and the Siva Group, India.

Highlighting the strategic partnership, GBCORP Vice Chairman & Managing Director, Mr. Abdul Rahman Mohammed Al-Jasmi, said: “We are greatly pleased to partner with the Batelco Group in their joint venture telecom project in India. While 2009 has been a challenging year, because of the turbulent economic times, we have nevertheless been able to turn these challenges into opportunities. Batelco has an excellent record of accomplishment in establishing a footprint across the region, with operations in seven markets across the Middle East, North Africa and now Asia. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio.”

“We are delighted and welcome GBCORP as our investment partner in BMIC Limited, a company which will hold a 49% stake in S Tel India, subsequent to GBCORP’s investment,” stated Peter Kaliaropoulos, Group Chief Executive of Batelco. “Effective partnerships with other telecom operators and strategic investors have been a successful formula, as we are expanding into new markets,” added Mr. Kaliaropoulos.

Bahrain Telecommunications Co. (Batelco)