Kuwait based Zain has announced plans to take an equity stake equivalent to 15.5% in Moroccan mobile network operator, Wana. Under the terms of the investment, Zain is setting up a 50:50 joint venture with the Al Ajial Investment Fund Holding, and it is that joint-venture which will take a 31% stake in the firm for US$324 million.
The investment by Zain and Al Ajial will provide Wana with the funding requirements and operational contributions to continue on its ambitious growth plan and to successfully launch its new GSM license in late 2009. Under the agreement Zain will assist Wana for the deployment of the new GSM Network. Wana is an integrated telecom operator currently offering fixed and restricted mobility wireless services (branded as "Bayn"), full CDMA mobility services (branded as "Wana") and Internet and data services throughout Morocco.
Karim Zaz, Chief Executive Officer of Wana commented "We are extremely pleased to partner with Zain and Al Ajial in this new chapter of our business. Our new investors provide us with the right combination of long-term financial investment and operational resources to help us achieve our objective of making Wana a leading telecom operator in Morocco."
"We have admired what Wana has accomplished since it was awarded with its fixed and mobility licenses in 2005 and 2006," said Waleed Al Fehaid, Chairman, of Zain Al Ajial adding "The new GSM license along with the offerings Wana launched in the past year, provided a very attractive long-term investment opportunity."
Along with the investment, Wana and Zain will enter into an operating framework agreement that will give Wana the possibility to access Zain's expertise, purchasing power, products and services, including Zain's ‘One Network'.
Posted to the site on 15th March 2009
Posted to: www.cellular-news.com/story/36515.php