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“Hassouneh: the government delivered it response to PALTEL regarding the partnership with ZAIN”.

2009-03-18

Al -Ayam Newspaper

Dr.Kamal Hassouneh  the minister of communication informed Al-Ayam newspaper that the  Palestinian Telecommunications Company PALTEL had receive the government  response on the partnership between PALTEL and  Kuwaiti  ZAIN  the  day before yesterday, Meanwhile Mr. Sabeih Al Masri the board chairman of the Palestinian Telecommunication Group PALTEL , expected to ratify the partnership with Kuwaiti ZAIN during 10 day.Dr.Hassouneh said “There has been several communications between us and the company, Dr Salam Fayyad provided government’s answer in reply to the last letter to chairman Mr. Sabeih Al Masri, after having informed the Council of Ministers in its weekly meeting on the basis and the rules and arrangements regarding the transaction, and select the points and the actions required for the implementation of the deal. The ball is now in the court of the company. " Dr.Hassouneh added “The Council of Ministers is still looking forward to the renewal for the license for the completion of this deal, because it would encourage foreign investment in Palestine. We are waiting for a final response from the company"s board of directors, and we expect to see positive developments in the coming days on this level.” From his side, Mr. Sabeih Al Masri expected to ratify the partnership with Kuwaiti ZAIN during 10 days, he said in a statement that has been published in Al-Ghad newspaper yesterday,” The path of the deal is positive, particularly the group had received preliminary approval by the Palestinian Authority earlier", but he added that "the partnership still needs completing the legal proceedings and transactions between the company and the authority up to the final endorsement".  Al Masri assured that the general framework of this partnership includes the entry of the Kuwaiti Group as a strategic partner by a stack that exceeds 50% of the shares of the Palestinian company. The deal will be as merge between PALTEL – ZAIN Jordan which is owned by ZAIN group by as %95 and it will be by increasing PALTEL capital by 180 million shares to be allocated to the Kuwaiti partner in confrontation with ZAIN Jordan. The Palestinian Telecommunication Group PALTEL postponed its emergency meeting which was scheduled last Saturday to discuss the merger between the group and ZAIN, awaiting a response of the Palestinian Authority for a final decision on the deal to 21 March for this year.

 

 


 

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