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Calling the General Assembly of PALTEL to meet on 5 March to ratify ZAIN's deal

2009-02-10

in Ramallah, to invite the General Assembly- the regular and irregular-, to meet on 5 March, for the validation of the entry of ZAIN Mobile Telecommunication as strategic partner in the group. The Minister of Communications Mr. Kamal Hassouna assured that the agreement on the deal between the authority and the company is approaching. Hassuna had submitted a report to the Government in its weekly meeting yesterday, about the meetings with representatives of PALTEL regarding the deal, and said  "There was a discussion on the legal aspects, and there are requirements to be met, such as licensing some companies that are related to the group, the Interconnection , the invitation to serve other companies, as well as on the financial part of the deal that is related to the authority, where there are several offers have not been resolved". He added "There are differences of opinion on some items, and will hold further meetings with representatives of the group to finalize .... The license agreement and applicable Palestinian laws will be the ruler, and I do not think these differences will hamper the deal ".                                             
The Minister renewed the government"s support for the entry of Arab investor such as ZAIN through a strategic partnership in the Palestinian Telecommunications Company, and the benefits of which will be reflected on the Palestinian citizen.
He continued "the indicators and negotiations between the authority and PALTEL are on a positive track, and there will be an agreement soon". Although the company did not disclose the details of the deal so far, but setting a date for irregular general assembly is a clear signal that the deal on the verge of completion. The board authorized its chief Mr. Sabeih Al Masri to arrive at an agreement with the Authority, in order to finalize all the requirements of this strategic partnership.