Kuwaiti Zain's share-swap deal with Paltel scrapped November 22, 2009
Kuwait City, - A share-swap deal signed by Kuwaiti telecoms company Zain and Palestinian counterpart Paltel has been suspended over failure to secure approvals, Zain said on Sunday.
In a statement posted on the Kuwait Stock Exchange website, Zain said the suspension came because of failure to "obtain the necessary approvals from the government sides." It provided no further details.
The deal, signed in May, stipulated Zain would own a 56.53-percent stake in Palestinian Telecommunications Co. in exchange for Paltel gaining control over Zain's Jordan unit. - AFP
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