Mr. Sabih Masri, Chairman of the Board of Paltel announced after its Board meeting on Thursday, November 19 2009 that the reasons for the termination of the Paltel-Zain share swap agreement is due to the lapse of the period granted within the terms of the agreement signed between Paltel and Zain. The time period allocated passed without fulfilling all the necessary requirements and procedures to conclude the deal.
Mr. Sabih Masri asserted that the deal obtained all the blessings from all official parties including the Government of Jordan and the Palestinian National Authority (PNA) in addition to the personal blessings from H.E. President Mahmoud Abbas. Mr. Sabih Masri applauded the cooperation of both the PNA and the Government of Jordan and their policies in their support of investments and development.
Mr. Sabih Masri reasserted that the relationship with Zain will remain ongoing and solid in order to explore all avenues of cooperation between the two companies. Mr. Sabih Masri stated that the deal termination will not affect the services of the Paltel Group and its operations in Palestine.
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