Maltacom’s privatisation was finalised on Wednesday with TECOM Investments (TECOM) and the Dubai Investment Group (DIG) confirming their 60 per cent controlling stake acquisition in the Maltese telecom company.
The final purchase price was quoted at €220,000,000 (Lm94,446,000) or €3.619 (Lm1.554) per share.
Present for the signing ceremony were Dr Austin Gatt the Minister for Investments, Industry and IT of Malta, Ahmad bin Byat, CEO of TECOM Investments and Saud Ba’alawy, CEO of DIG.
"Our investment in Maltacom has strategically combined Malta’s geographic location with our experience in successfully establishing and growing ICT clusters. It has provided us with an ideal opportunity to become the focal point for expanding the ICT sector in the Mediterranean region. With this acquisition, we are also conscious of the responsibility represented by the leadership role that we are assuming in the development of the Maltese economy," said bin Byat.
The TECOM and DIG consortium was selected as the preferred bidder for Maltacom after a public selection process conducted by the Government of Malta.
"The acquisition of Maltacom represents a significant milestone for DIG and is indicative of our long term commitment to the Maltese market in particular, and the Mediterranean region in general," said Ba’alawy, CEO of DIG. "This investment along with the other project that Dubai Holding is undertaking in Malta demonstrates the country’s attractive potential for foreign direct investment."
TECOM Investments (TECOM) and the Dubai Investment Group are both members of Dubai Holding.
See also:
Government confirms sale of its Maltacom shares
By MaltaMedia News - May 15, 2006, 18:07 CET
AD criticise Maltacom sale
By Giselle Borg Olivier - May 16, 2006, 18:45 CET
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