Zain in talks for stake in Paltel

29 Jan 2009

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.

Palestinian Territory, Palestine Telecommunications Company (Paltel, incl. Hadara), Zain Group