TECOM notches up another investment in Malta

The TECOM-DIG consortium was selected as the preferred bidder for Maltacom after a public selection process conducted by the Maltese government. This latest acquisition follows TECOM’s US$2.24 billion acquisition of a 35% stake in Tunisian state telco Tunisie Telecom at the end of March.

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By  Tawanda Chihota Published  May 17, 2006

TECOM Investments and the Dubai Investment Group (DIG), both members of Dubai Holding, have announced the acquisition of a 60% controlling stake in the Maltese telecoms company, Maltacom. The final purchase price was quoted at AED1.04 billion (US$287 million). “TECOM’s investment in Maltacom is aimed at leveraging Malta’s growth potential and geographic location as well as our experience in successfully establishing and growing ICT clusters,” said Ahmed Bin Byat, chairman of TECOM. “It has provided us with an ideal opportunity to become the focal point for the expansion of the ICT sector in the Mediterranean region.” The TECOM-DIG consortium was selected as the preferred bidder for Maltacom after a public selection process conducted by the Maltese government. This latest acquisition follows TECOM’s US$2.24 billion acquisition of a 35% stake in Tunisian state telco Tunisie Telecom at the end of March. Earlier this month Bin Byat was quoted as saying TECOM’s goal is to have 20 million subscribers outside of the UAE in four years. TECOM also has aggressive plans for exporting its ‘Smart City’ IT free zone cluster concept abroad, and in addition to plans for smart cities in India and Malta, Bin Byat says the firm is in negotiations with three more countries all of which will reach completion by 2010.

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