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Sabeih Al-Masri: "PALTEL plans to expand in Europe and negotiates to sell a portion of its shares to an Arab strategic partner".

2008-04-13
Mr.Sabeih Al-Masri the chief board of directors of Palestine Telecommunications Company assured yesterday that the company is negotiating to sell a portion of its shares to an Arab strategic partner. Al-Masri said in a press conference that convened in Bethlehem after the general assembly through the videoconference "there are Middle Eastern companies that ascented to buy shares in PLATEL from a long time, and now we are negotiating with 3 Arab companies, until now nothing practical, and if it happened we"ll take the board of directors approval and then call for an extraordinary general assembly". Also Al-Masri hadn"t revealed the identity of these companies due to the secrecy agreement, in addition to unrevealing the potential deal size whether its value or the share"s percentage, and said " we are negotiating on behalf of the shareholders, the share may be %10 or %20 or even %70, the shareholders interest will specify this" A high level delegation with the presidency of Dr.Abdulmalik Al-Jabir and a group of executive seniors in PALTEL group had visited Kuwait few days before and met  a number of companies representatives after visiting Saudi Arabia and UAE. Al-Jabir stated in the press conference yesterday that these visits came within the group"s effort to reinforce its relations and build alliances and promote to the investment conference that is decided to be held in Bethlehem in May, 21-23, assuring that these visits are irrelevant with any deal but to build alliances with the national economy".