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The Board of Directors of VTEL decides not to merge into the deal of Ā«ZAIN - PALTELĀ»

2009-11-12

Addustour Newspaper

Addustour newspaper knew from an informed source that the negotiations between ZAIN and VTEL regarding merging and listing the last within the deal of shares swap between PALTEL and ZAIN, had ended without reaching an agreement and the %25 from VTEL"s shares that had been allocated within the deal will not be listed, indicating that the two companies had agreed on cooperation formula without the merging process. The board of directors of VTEL had estimated the final value of the %25 from the company"s shares which the board had seen it as a suitable and fair price as a value, where had been presented to ZAIN but hadn’t been approved by the Kuwaiti group. It is worth to mention that in the time of announcing the shares swap between PALTEL and ZAIN   before several months in which ZAIN will possess the majority stake in PALTEL by %56.53, in the opposite PALTEL will possess ZAIN Jordan. In sequence to this transaction, ZAIN Levant had been announced which includes both of ZAIN Jordan and PALTEL.    

 

 

 


 

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