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Partnership between PALTEL and ZAIN waiting for the green light from the PNA

2009-03-08

Jafar Sadaqa wrote:

The Palestinian National Authority returned from the donor conference in Sharm el-Sheikh, which was held on the second of this March, with almost double the amount of obligations as requested for the reconstruction of the Gaza Strip, and to support the Palestinian economy including the public budget for 2009, with the total donor commitments for the years 2009 and 2010 to about 5.2 billion dollars, after the conference had adopted the government"s plan to rebuild what was destroyed by the recent Israeli aggression on Gaza, which Prime Minister Salam Fayyad said that it holds several letters, most important is the international community"s confidence in the financial system of the Authority which had been entrenched over the past two years.
At the Palestine Securities Exchange, the most significant developments of the week was postponing the meeting of the irregular general assembly of the Palestinian Telecommunications Company PALTEL, which was scheduled for the end of last week for approval to raise capital and enter Kuwaiti ZAIN as strategic partner, to be called as soon as the company got the approval of the Palestinian National Authority for the partnership in commitment to the convention on the license that one of its clauses provides that any substantial change in the ownership structure of the company must be approved by the Authority, with confirmation of the company"s chairman of the Board of Directors Mr.Sabeih Al Masri that the partnership agreement with the ZAIN is in final stages, and only awaits the formal approval of the Authority.
The company held its ordinary general meeting as planned, and approved the terms of the distribution of cash dividend to shareholders by 52.6  million Jordanian dinars (40 pounds per share), or by 40% of the nominal capital 131.625 million JD.
Under a resolution adopted by the board of directors in its meeting last Wednesday, the company"s shares will be returned to trading in the Palestine Securities Exchange in the first trading session this week, the day after tomorrow, when the PSE decided to abolish the trading sessions today and tomorrow because of moving to its new headquarters in Nablus.
The shares PALTEL was suspended from trading on the decision of the Board of Directors since January 28 last, and closed on time 5.82 JD.