Telecommunications provider Zain today confirmed that it has handed the management of Lebanese mobile operator Touch Company to a new management and board, appointed by a government department. 

In a statement to Boursa Kuwait, Zain said the decision was made at Touch’s annual general meeting (AGM) which took place on Friday in Lebanon.

“Zain has completely exited and handed over the company to a new management and board appointed by the Lebanese Ministry of Communications,” the statement said.

The company also stated that Zain would apply, if the opportunity arises again to manage Lebanon’s two telecommunications companies. 

This is on condition that a clear business plan was developed within an agreement with the Lebanese Ministry of Communications, the statement said.  

The company said there was no material or financial impact due to the decision.

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda) 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020