Mobile Telecommunications Company (Zain) has concluded a binding agreement for the purchase of 100 per cent of the share capital of Iraqna Company for Mobile Phone Services (Iraqna), a subsidiary of Orascom Telecom Holding, for $1.2 billion through its subsidiary MTC-Atheer.
This acquisition will consolidate MTC-Atheer's market-leading position in Iraq giving rise to a combined customer base of more than 7 million. In August, MTC-Atheer made a successful bid of $1.25bn to secure one of three 15-year nationwide licences awarded by the Iraqi Communication and Media Commission.
Zain Group Managing Director-Deputy Chairman Dr Saad Al Barrak said: "We are delighted that MTC-Atheer's acquisition of Iraqna will create one of the most dynamic and resourceful mobile telecoms companies in Iraq and in the region at large. This investment reinforces and demonstrates our commitment to the future prosperity of Iraq while complementing Zain's aspirations of becoming one of top 10 global mobile operators by 2011."
To read more on GDN, click herehttp://www.gulf-daily-news.com/1yr_arc_Articles.asp?Article=201724&Sn=BUSI&IssueID=30257&date=12-2-2007
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