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Dec 27 2010

Masharie divests 50% stake in Syscom to Inteltec Emirates LLC

Masharie divests 50% stake in Syscom to Inteltec Emirates LLC
Move will allow UAE's leading private equity firm to deploy further capital and pursue growth opportunities in the region more aggressively

Dubai - December 27, 2010:- Masharie , the private equity arm of Dubai Investments PJSC, announced recently that it has divested 50% of its shareholding in Syscom Emirates , a telecommunication system integrator in the Middle East, to Inteltec Emirates LLC - a subsidiary of Riyadh-based telecommunications solutions provider Saudi Inteltec .

"The divestment is part of our strategy of creating value through the introduction of joint venture partners into our assets regionally," said Abdulaziz Bin Yagoob Al Serkal, CEO of Masharie . "The move will enable us to pursue growth opportunities in the region more aggressively."

" Inteltec has built a reputation as a leading player in the ICT (Information and Communication Technologies) and Telecom domain in the Gulf region. Their expertise across telecom project lifecycles, combined with their strong industry connections, will contribute significant value to Syscom ," Al Serkal added.

Ghassan Oueida, CEO of Inteltec Emirates said, "As one of the fastest-growing turnkey communication solutions providers in the region, Syscom boasts a strong platform and track record. We are confident the combined expertise and synergies of Masharie and Inteltec will allow Syscom to enter a new phase of growth in the next few years."

-Ends-

Established in 1995, Saudi Inteltec provides its customers with professional turnkey services and solutions in various ICT domains. The company operates in the region through its many subsidiaries - which include Skyband, Skyhost, Digico, Saudi Coromo, Skypos, iPay and Inteltec Emirates.

Masharie has a direct investment portfolio of 18 companies operating in diverse sectors including construction materials, contracting, aluminium, telecom and interior design. The Dubai-based private equity firm, which boasts a consistent track record of growth and profitability, is actively pursuing strategic investment opportunities in the UAE and the Middle East region.

Media Contacts:
Mitha Furtado
Headline Public Relations
Tel: 9714 - 2289655 Ext: 348
Fax: 9714 - 2282125
Email: mitha@headlinepr.com

© Press Release 2010


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