Bartercard PLC
Bartercard PLC: Sale of Saudi Arabia licence
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Bartercard Plc
(“Bartercard” or “the Company”)
Sale of Saudi Arabia licence
Bartercard has sold the licence for Saudi Arabia. The licence was sold for
US$500,000 cash to Sheik Jaber bin Hamad bin Jassem Al Thani, the holder of
the licence for Qatar and a member of the Qatari Royal Family. The licensee
for Dubai will also be a major partner in the Saudi operation.
Bartercard already has licences operating in Jordan, Lebanon, Egypt, Kuwait
and the UAE as well as Cyprus and Turkey, nearby.
Training for the foundation management team for this new licence and
commencement of operations is expected within the next 6 months.
Wayne Sharpe, Chairman of Bartercard, commented:
“I am delighted that the owner of the Qatar licence has enjoyed such
success there that he has bought the licence to Saudi Arabia. This brings
his investment in the two licences to $900,000, plus working capital. The
Qatar operation was the top of Bartercard International’s sales and 3rd in
the trading competition last month.
There are many Saudi businessmen operating and living across the Gulf
region, and in the UK. We believe the establishment of an operation in
Saudi Arabia should boost Bartercard operations in the Middle East region
as a whole.”
19 May 2006
Enquiries
Bartercard plc
Wayne Sharpe, Executive Chairman 07909 975488
College Hill 020 7457 2020
Richard Pearson
Roddy Watt
(c)DGAP 19.05.2006
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Language: English
Issuer: Bartercard Plc.
18 – 20 Kew Road
Richmond, Surrey, TW9 2NA Großbritannien
Phone: +44-(0)870 920 1000
Fax:
email: info@uk.bartercard.com
WWW: www.bartercard.com
ISIN: GB0033432856
WKN: 121557
indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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