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PALTEL's Board of Directors approves the partnership with ZAIN in its final representation

2009-03-23

Jafar Sadaqa wrote:
The Palestinian Telecommunications Company said "The Board of Directors approved in its emergency meeting that had been held in the Jordanian capital the day before yesterday, the strategic partnership with the Kuwaiti ZAIN group in its final representation, as the Chairman of the Board Mr. Sabeih Al Masri had been assigned to follow-up the official approval of the National Authority.
The company said in a statement received by Al- Ayyam newspaper: that the Board briefed the latest developments regarding the partnership to be held with the Company (ZAIN) in the light of recent developments, and approved the Partnership as a final and authorized the board chairman to follow-up the necessary procedures for the signing of this Convention.  
The statement added: The board discussed the latest developments of the procedures for obtaining the approval of the Palestinian National Authority for the partnership deal , and set a general trend for these requirements within what ensure the general interest of the citizen and the company and the Palestinian government, and in light of this positive atmosphere associated with the completion of discussions with the government the board chairman, Mr. Sabeih Al Masri had been assigned to accomplish obtaining the formal approval of the Prime Minister; in order to be able to call an irregular assembly; in order to ensure completion of all necessary procedures to complete the transaction.
Al Masri met the Prime Minister Dr. Salam Fayyad yesterday, and discussed with him the details of the deal and the authority"s status from it. The statement quoted Al Masri saying after his meeting with Fayyad "PALTEL Group is confident of the government"s keenness to complete the necessary approvals for the transaction completion properly and we are very close to the end of the road".
Al Masri considered "the prevailing positive atmosphere are in the interest of everyone and are basically in favor of achieving the most important economic and national accomplishment in the moments of the global and surrounding economy is in  great despair".  
Al Masri said in the statement "We in PALTEL when we proceed for this strategic partnership with ZAIN, we started from the principle that we will not sell the company to anyone, and no one would arrest any penny as the price of any share in this company, but we took the hard and sacrifice clearly when we opened the door of the strategic partner of ZAIN which will own the largest share; in a belief that in this partnership is a benefit for the national economy and for the citizens and subscribers.