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Hassuna: PALTEL-ZAIN deal is on a positive track and the Council of Ministers will decide next Monday

2009-02-04

The Minister of Communications and Information Technology Kamal Hassouna assured that the process of completing the deal to enter ZAIN as strategic partner in the Palestine Telecommunications Company is on positive direction, and most likely for the Council of Ministers to take their decision regarding this deal at its weekly meeting next Monday. The government decided at its last meeting in the day before yesterday, to authorize Hassuna to follow-up the details of the deal. Hassouna said the "I have been authorized by the Council of Ministers in contact with Palestine telecommunications company to discuss details of the transaction, and obtaining the necessary information to enable the Council of Ministers to take the appropriate decision regarding the deal". Yesterday it had been held a meeting between a committee of the company and officials from the ministry. Hassouna said after the meeting "it was a preliminary meeting to discuss the partnership with ZAIN; we have examined the financial aspect of the agreement and the requirements of our authority for approval, and there will be another meeting with the company in two days to complete the search in the transaction." He added: We are looking into this partnership in a positive light; it will increase competition and lead to improved services as well as encourage investment in Palestine. Things are going well and we expect that there will be a detailed presentation to the Council of Ministers at its next meeting on Monday. " Hassouna did not give any details about the financial part of the deal,  adding that " the two companies are in the evaluation process, and on the basis of the results of this evaluation will determine the size of the capital increase and  the value of the stock in this issue."The Board of Directors of PALTEL decided convening an emergency meeting in Ramallah next Monday. The company reported to Palestine Securities Exchange that the board of directors will discuss at the emergency meeting the understandings agreements that are supposed to be reached between the committee in charge and the Palestinian National Authority, in light of the decision of the Council of Ministers" on Monday.