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Palestine Telecommunications Company's board of directors meeting decisions

2009-01-27

We would like to inform you that the board of directors that had been held in Amman on 27-01-2009 has taken the following fundamental decisions:

  1-The Board approved the overall framework of partnership with the Kuwaiti company ZAIN, and decided to recommend to the Irregular General Assembly that will be convene for this purpose to approve the capital increase of the company in order for Kuwaiti ZAIN to enter as a strategic partner, which will enable PALTEL to work and be present in neighboring markets as it agreed upon, and will be submitted to the Assembly in its final term.

2- Authorizing the board of directors to carry out the negotiations with the Kuwaiti ZAIN, and completion the necessary procedures and approvals for company"s capital increase and the entry of the strategic partner, including the call for holding the Irregular General Assembly for the purpose of present the partnership with ZAIN and capital increase, and upon completion the preparatory steps, the assembly should approve.

3- Demand from the capital market authority to suspend the trading of Palestinian Telecommunications Company shares temporarily starting from tomorrow 28-01-2009 until the completion of the partnership and holding of the Irregular General Assembly.

4-The CMA will be provided with the issuance bulletin of capital increase due to the entrance of the strategic partner.

5- We hope for the CMA"s approval of these steps.