Paltel to decide on Zain offer on 9 February

04 February 2009
Paltel, the monopoly supplier of mobile and fixed-line telecoms in the West Bank and Gaza, will decide whether to sell a minority stake to Kuwait's Zain at a meeting of its board of directors on 9 February.

The company, which is owned by Palestinian businessman Munib Masri, announced the date for its decision in a statement on the Abu Dhabi Securities Exchange where it has a secondary listing.

Paltel's primary listing is on the Palestinian Securities Exchange in Nablus.

Zain's strategy is to seek management control of every business it acquires. It also seeks to rebrand existing operations as Zain and dispose of any fixed-line businesses that it acquires.

Paltel will release its financial results for 2008 shortly after the 9 February meeting.

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