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Munib Al Masri: The bargain of PALTEL-ZAIN will leave a positive impact on the Palestinian economy

2009-01-29

Hleileh: the bargain guarantees the rights of PADICO"s shareholders and an active role in the company"s board of directors

 Palestine Development and Investment Company PADICO which is the largest investment groups in Palestine and the largest shareholder in Palestine Telecommunications Company PALTEL had welcomed the entrance of Kuwaiti ZAIN the largest Arab cellular companies as a strategic partner in PALTEL.  The Chairman of the Board of Directors of PADICO Mr. Munib Al Masri, said that the bargain with all its dimensions will be positive to the Palestinian economy, and by this transaction PALTEL achieves two objective, first to increase the benefits for the subscribers and shareholders and strengthen the national economy in general, second will be the continuation of work in the same force in a world where this sector is heading towards the huge mergers. He stressed that the role of PADICO in PALTEL will be the same force and importance, as the essential founder of PALTEL. Meanwhile the Chief Executive of PADICO Mr. Samir Hleileh that PADICO will not sell its shares in the company, and will remain an integral part of their success after the strategic partnership with the ZAIN.He added: Although PADICO"s share will be reduced in the new company after increasing the capital, but there is a special agreement that guarantees the rights of original investors in PALTEL including ensuring an effective role for PADICO in the Board of Directors of the new company.
Hleileh expected the bargain to raise the revenues of PADICO from the new company, where it is expected that the combined profits will be more than the total profits of the Palestinian Telecommunications Company and ZAIN separately before the deal. He said: Being a partner in regional and international network, this will increase the number of subscribers you have and the others parties of the partnership. Hleileh said that PADICO"s to maintain an active role in the new telecom company stems from being the essential founder PALTEL, and there is a special responsibility different from the rest of the responsibilities of shareholders towards the decisions that are related to the restructuring of PALTEL.