Palestine: A teleconference EGM of Paltel has agreed to the deal with Zain

[zawya] The extraordinary General Assembly of Palestine Telecom (Paltel) approved a recommendation by the board on passing a deal with Kuwait Mobile Telecommunications Company (Zain) in a teleconference meeting on Thursday.

The shareholders approved the deal and recommended procedures for implementation start immediately, and also approved a recommendation to increase declared capital through issue of 207 million shares.

The assembly charged the board to draft documents of issue and handle issue procedures, and all amendments needed to the company's charter were also given the go-ahead.

Zain Deputy Board Chairman and Executive Chairman Saad Al-Barrak said, in the teleconference meeting, Zain was proud of this new partnership which would serve clients in Palestine, Jordan, and Kuwait. The venture is also hoped to help the Palestinian economy, he said, and support Palestinian resolve in the face of political and military aggression.

Pointing out Zain's goal of becoming one of the world's top 10 telecommunications companies by 2011, the executive stressed Zain does not operate with a small-subscriber/major-subscriber group mentality, but strives to serve all subscriber groups equally.

Meanwhile, Paltel Chairman Taher Al-Masri said this partnership would pave the way for optimal benefit from "Zain One-Network" services and many of Zain's high-standard technological solutions.

He also ensured subscribers of Paltel that the share would still be traded in the Palestinian exchange, which would serve as a quantitative market leap, and pointed out the share might be listed in the Amman exchange further along the line.

Palestine Telecom holders approve deal with Zain