Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

The General Assembly for PALTEL approves the strategic partnership with ZAIN

2009-06-11

Ghazi Bani Odeh and Jaafar Sadaqa wrote:
The extraordinary general assembly of the Palestinian telecommunications company approved yesterday the strategic partnership with ZAIN, by integrating PALTEL with ZAIN Jordan in a deal worth about$3.5 billion. Under the decision of the assembly, PALTEL"s capital will be increased to about JD338 million, by issuing 207 million new shares that will be allocated to ZAIN and Saudi investor, as opposed to ownership of PALTEL to Bella which owns ZAIN Jordan by %100. Under the deal, will be established a new entity in which has ZAIN will own %56.5 of it by about 179 million shares, compared to %41.5 to the shareholders of PALTEL by about 131 million shares, and %2 to the Saudi investor Suleiman Abdel Mohsen by about 6.5 million shares. The General Assembly authorized the Board of Directors of PALTEL the preparation of the prospectus and to take all necessary action to take approvals from the official Jordanian and Palestinian authorities and the completion of this transaction, which is the largest in the Middle East. The assembly had held yesterday, an extraordinary meeting in Nablus and Gaza, in the presence of Chairman of the Board Sabeih Al Masri, members of the board, Chairman of the Board of Directors of Palestine Development and Investment PADICO – the main shareholder in PALTEL- Munib Masri, members of the Board of Directors and Executive Management, Vice Chairman of the Board, Chief Executive Officer of ZAIN Dr. Saad Al Barrak, the company observer Nizam Ayoub which announced in the beginning of the meeting its legality, by participation of shareholders with%63.1 of the shares of the company, in addition to representatives of the Capital Market Authority and Palestine Securities Exchange. The deputy Executive Chairman of PALTEL Kamal Abu Khadija presented the details of the agreement, before the chairman"s requesting the General Assembly to approve the deal, which was passed unanimously. Abu Khadija said: The deal was based on assessments of international consulting firms, where Bella had been valued as of JD 1.377 billion and PALTEL had been valued about JD 974 billion.

Al Masri: a deal to penetrate the regional dimensions:
Sabeih  Al Masri said: after the transaction; PALTEL"s shareholder has become an owner of a regional company, after he has only contributed to a national local company, as the new company"s operations include Mobile Communication in Jordan; in which gives the shareholder the opportunity to present more risk diversification and distribution of multiple operations on stocks in markets linked to each other socially and geographically; will affect positively on the opportunities for growth and expansion.

Al Jaber: the transaction is based on a prior vision:
From his side, Al Jaber said: The deal was based on a prior vision, and indicated the negotiations between PALTEL and ZAIN five years ago, that did not succeed in a timely manner, and returned again to open a dialogue within a vision that ended with the adoption of an integration between them recently. And cleared: The deal to merge with ZAIN was launched from two main essentials; the first is relating to the direction of the telecommunications sector in general and the decline in employment in a small geographical location such as Palestine.

 
Allocating 2008 dividends:
He added: "Now our subscribers" base will be without limits and not only of Palestine". He noted that there would be a distribution of the remainder profits of the year 2008 profits that are $ 37 million to shareholders after the completion of understanding with the Palestinian Authority, pointing out that there was a promise from the Prime Minister of that, but as for the retained profits, it will be recycled in the company. He expected that the new entity to achieve a net profit until the end of this year of $ 300 million, he said: "We expect that the executive management of companies PALTEL and ZAIN to report a net profit of about 300 million dollars in the year 2009, and the total revenues of up to one billion dollars.

 

 

 


 

2017-08-17
Medium liquidity with the end of the legal semi-annual disclosures’ period

2017-08-16
PADICO posts net income of $7.46 million in H1 2017

2017-08-16
PRICO realizes net loss of JD1.28 million in H1 2017

2017-08-16
WASSEL reports net income of 0.07 million in H1 2017

2017-08-16
JCC reports net income of JD0.27 million in H1 2017

2017-08-16
AZIZA reports net income of JD2.20 million in H1 2017

2017-08-16
PID realizes net loss of JD0.03 million in H1 2017

2017-08-16
PIIC records net income of JD3.33 million in H1 2017

2017-08-16
PIBC records net income of $1.97 million in H1 2017

2017-08-16
LADAEN realizes net loss of JD0.50 million in H1 2017

2017-08-15
NCI reports net income of $0.15 million in H1 2017

2017-08-15
PALAQAR reports net income of JD0.07 million in H1 2017

2017-08-15
JREI realizes net loss of $0.17 million in H1 2017

2017-08-15
TIC records net income of $1.33 million in H1 2017

2017-08-15
NSC reports net income of JD0.13 million in H1 2017

2017-08-15
ABRAJ posted net income of $0.18 million in H1 2017

2017-08-14
AQARIYA reports net income of JD0.42 million in H1 2017

2017-08-14
BOP posted net income of $24.72 million in H1 2017

2017-08-14
TRUST posted net income of $2.83 million in H1 2017

2017-08-14
PICO reports net income of $2.13 million in H1 2017

2017-08-14
GMC posted net income of JD0.60 million in H1 2017

2017-08-14
JPH posted net income of $0.76 million in H1 2017

2017-08-14
GUI records net income of $0.96 million in H1 2017

2017-08-14
BPC reports net income of $6.02 million in H1 2017

2017-08-14
TNB records net income of $5.36 million in H1 2017

2017-08-14
PEC reports net income of $5.25 million in H1 2017

2017-08-13
ELECTRODE records net income of JD0.09 in H1 2017

2017-08-13
AIB reports net income of $4.01 million in H1 2017

2017-08-13
NAPCO records net income of JD0.18 million in H1 2017

2017-08-13
APIC reports net income of $7.87 million in H1 2017

2017-08-10
Al-Quds Index increases amid the semi-annual financial data disclosures’ domination

2017-08-09
ARAB records net income of JD0.05 million in H1 2017

2017-08-09
ISBK reports net income of $6.37 million in H1 2017

2017-08-09
APC records net income of JD0.70 million in H1 2017

2017-08-09
MIC posts net income of $1.00 million in H1 2017

2017-08-07
UCI reports net income of $0.54 million in H1 2017

2017-08-07
VOIC posts net income of JD3.39 million in H1 2017

2017-08-07
PSE realizes net loss of $0.10 million in H1 2017

2017-08-07
QUDS reports net income of $6.13 million in H1 2017

2017-08-07
PALTEL records net income of JD33.06 million in H1 2017

2017-08-07
BJP records net income of JD0.59 million in H1 2017

2017-08-03
Executing several transactions raises the market's trading value this week

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013