November 19, 2009 / 6:46 PM / 8 years ago

Zain says Paltel deal off on lack of approvals

KUWAIT, Nov 19 (Reuters) - Kuwait’s Mobile Telecommunications Co (Zain) (ZAIN.KW) confirmed on Thursday that a deal with the Palestine Telecommunication co (Paltel) was off, blaming an inability to secure government approvals.

“Zain confirms that the Zain Jordan Paltel deal is cancelled due to their inability to secure the required government approvals which are conditions precedent to the deal,” a Zain spokesman told Reuters.

Paltel earlier said it cancelled the deal announced in May, under which Zain would acquire majority control of Paltel, which has 1.5 million mobile telephone users and operates in the West Bank and Gaza Strip. (Reporting by Rania El Gamal; writing by Firouz Sedarat; Editing by Jon Loades-Carter)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below