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ZAIN expects completion of the partnership with PALTEL within days and tend to acquire a telecommunications company in Yemen

2009-03-30

Kuwait: The Kuwaiti telecommunications group ZAIN expected the completion of the partnership with PALTEL at the end of this month, and then tends to renew the negotiations for the acquisition of a majority stake in one of the telecommunications companies in Yemen.
The newspaper "Al Qabas" reported yesterday from anonymous familiar source that the process of integration of PALTEL with ZAIN Jordan which is owned by ZAIN by %95 is on a positive track in terms of the Palestinian National Authority to approve the deal.
ZAIN had postponed the talks for the acquisition of a telecommunications company in Yemen because of the global circumstances through the world that had been witnessed by most of the markets, but it is now about to enter into negotiations for the completion of the deal after the markets will stabilize in the coming period.
The sources added "ZAIN sets certain conditions to enter into negotiations with the company of Yemen and are: the formation of executive management under the auspices ZAIN, the selection of senior management of the company, the selection of the networks which will be developed, the development of brands, in addition to access to the books of the company in order to investigate the safety of the financial situation.
According to sources, many Kuwaiti companies contributes in the targeted Yemeni company namely: Kuwait"s company for Finance and Investment, Holding Securities Company, Emerald  for investment, Kuwait for Investment, Gulf Bank, and Bayan Investment Company, in addition Al-Madar Finance and Investment, Prince Saud bin Fahd and Syriatel.