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“VTEL Holding” obtains the 4G services license in the Iraqi-Kurdistan Region

2013-11-24

 Palestine Telecommunications PALTEL announced that “VTEL Holding” – the offshore investment arm of the company - was licensed to operate the “4G Services” in the Iraqi-Kurdistan Region, through its company Newroz Telecommunications. “VTEL” owns 45% of “Newroz Telecommunications” that offer fixed line services since 2009 and was licensed to offer 4G services for internet services. Newroz Telecommunications is considered the best investment company for “VTEL”, whereby, recorded net income of $25 million in 2012. Mr. Ammar Aker- the board chairman of VTEL- expected a significant increase in Newroz’s profits with its expansion after being licensed to offer the 4G services. Newroz Telecommunications is one of the two companies that obtained the license of 4G services but the only company that really started to provide this generation services. Mr. Aker was confident to emphasize that 4G services will positively and significantly affect the performance and financial indicators of “VTEL”. Aker continued: “We are expecting an expansion in “Newroz Telecommunications” business after obtaining the 4G services and thus influence VTEL’s performance more, whereby, owning 45% of Newroz Telecommunications will enable us to consolidating its financial statements to “VTELs”.