Bahrain Telecommunications Company BSC (BAX:BATELCO) seeks acquisition. In a statement by Chief Executive Officer Ihab Hinnawi, made for announcing cancellation of plans to sell Umniah Mobile Company PSC, Ihab Hinnawi said, "It's not an optimal time to sell, it's an optimal time to buy. Prices are reducing, the appetite of so many big players is declining and many are over-leveraged.

We have a healthy balance sheet ... we shouldn't let go of an asset that has added a lot of value."