BABTAIN acquires assets of french PETITJEAN SAS

Further to the announcements made by Al Babtain Power & Telecommunication Co on 31/01/2012, in relation to its bid for the acquisition of substantially all of the assets of Petitjean SAS, a French company operating since 1946 in the field of design, manufacturing, distribution, of outdoor lightning and power transmission systems (poles, high mast and luminaries) and was subject to bankruptcy proceedings since December 1st, 2011, Al Babtain is pleased to announce that it has won the bid and will acquire the entire business of Petitjean (including the name, registered trade marks and patents). Al Babtain offer amounted to Euros 7,350,000, this acquisition will be self financed and should have a 20% positive impact on sales, and a yearly increase of profits of around 2% starting from the third year, since Petitjean SAS is in need of a total restructuring during the first 2 years. Al Babtain wishes to note that Petitjean SAS' business is directly related and complementary to the business of Al Babtain and that the acquisition of Petitjean is consistent with the geographical expansion strategy of Al Babtain. By this acquisition Al Babtain will further strengthen its commercial and technical capabilities, Al Babtain will have immediate access to markets in Europe Latin America, West Africa, Australia and New Zealand, moreover Al Babtain will have access to designs, products and procedures developed by Petitjean like decorative poles, special stadium masts and huge monopoles.