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MENAFN - Jordan Times - 22/11/2009

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(MENAFN - Jordan Times) A merger agreement signed between Kuwaiti telecommunications giant Zain and Palestine Telecommunications Company (PalTel) was scrapped over the weekend.

The deal, signed between the two companies in Amman in May, stipulated that PalTel get 100 per cent of Zain operations in Jordan, in exchange for Zain taking a majority stake in PalTel.

"Zain management confirms that the merger agreement between Zain and PalTel announced earlier this yearwill not take place, because Zain did not receive the required government approvals," Zain said in a statement e-mailed to The Jordan Times."

All relatedinformation on this matter will be advised to all stakeholdersin due course," Zain added. At the signing ceremony in May, officials from Zain said the deal allowed Zain to buy a 56.3 per cent stake in PalTel, which operates in the West Bank and Gaza Strip and had record profits last year.

 






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