Posts filed under ‘Palestinian Territory’
According to online portal MEED, Palestine Telecommunications Company (Paltel) will make a decision regarding the sale of minority stake to Kuwait-based telecoms group Zain on 9 February. Paltel, which holds a monopoly in the fixed line sector in the West Bank and Gaza, will assess the offer at a meeting of its board of directors. The announcement comes after reports at the end of January 2008 that talks between Paltel and Zain regarding a stake sale were at ‘advanced’ stages.
Wataniya Palestine, the second licensed mobile network operator in the Palestinian Territory, has secured funding of USD85 million for the rollout of its mobile network infrastructure, ITP.net reports. In a statement on the Qatar stock exchange it was revealed that the funding has been agreed in the form of a loan between the operator and a group of lenders including the Bank of Palestine, Quds Bank, Commercial Bank of Palestine Limited, Ericsson Credit AB, International Finance Corporation and Standard Bank. Wataniya is expected to launch commercial services in the first half of 2009, and the operator’s CEO, Allan Richardson, has said that it aims to cover the ‘majority’ of the West Bank initially. Extending coverage to Gaza will reportedly be dependent on further negotiations with the government, according to Mr Richardson.
Reuters is reporting that Kuwait-based telecoms giant Zain is in discussions aimed at taking a stake in Palestinian fixed line and broadband provider Palestinian Telecommunications Company (Paltel). A spokesman for Zain confirmed that talks between the two companies are at ‘advanced’ stages, and a deal could be concluded soon. It has not been confirmed however whether Zain is pursuing a majority in stake in Paltel, and trading in the latter company has been suspended on the Palestine stock exchange until any further announcements are made by the operators regarding the merger.