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Signing the contract of the merger between ZAIN Jordan and PALTEL today

2009-04-13

Al Qabas Newspaper :

Issa Abdul Salam wrote:

ZAIN finally succeeded in entering the Palestinian market, where reliable sources revealed to Al Qabas that ZAIN Jordan will sign the contract of the merger with PALTEL today.
The sources pointed out that the merger deal was a combination of takeover and acquisition and trade, noting that the share of ZAIN in the new company is %55 in addition that the management will be under its leadership, as well as the brand name will be ZAIN. The sources added that the Kuwaiti government represented with the General Authority for Investment as it owns %24.6 of the total shares of the company has succeeded in persuading the Palestinian Authority to waive the 100 million dollars which was allocated as the fee for completing of the transaction. The sources pointed out that ZAIN continues to implement the expansion strategy, as has succeeded in entering and working in 22 countries in the Middle East and Africa with subscribers base exceeding 64 million, noting that the company will tend in the coming period to enter into negotiations to acquire a stake of up to %51 of the total shares of one company in Yemen.