15 March 2009
CASABLANCA: Zain in a 50/50 partnership with Al Ajial Investment Fund Holding ("Al Ajial") has agreed to invest through a newly established joint venture "Zain Al Ajial" an amount of MAD 2.850 billion ($324 million) in return for 31 percent of Wana Corporate SA ("Wana"), the third mobile telecom operator in Morocco.
This new 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.
With 22.5 million mobile customers representing about 70 percent penetration, Morocco is an exciting new region for Zain to extend our footprint to 23 countries," said Dr. Saad Al Barrak, Chief Executive Officer of Zain. "Alongside ONA, the largest conglomerate in Morocco and its main shareholder SNI, we look forward to assisting Wana to capitalize on its demonstrated track record of introducing innovative products to the Moroccan community and to share the substantial growth opportunities that lie ahead
as Wana launches its new GSM offering.
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'.
One Network is the world's first borderless mobile telecoms network service launched by Zain in September 2006 now offering over 500 million people in 17 countries preferential communications across geographical borders without roaming call surcharges and without having to pay to receive incoming calls, enjoying the benefits of being treated as 'local' customers in any of these countries. These countries are Bahrain, Burkina Faso, Chad, the Republic of Congo, the Democratic Republic of Congo, Gabon, Ghana, Iraq, Jordan, Kenya, Malawi, Niger, Nigeria, Saudi Arabia, Sudan, Tanzania and Uganda.
Zain's and Al Ajial's advisors included JP Morgan as financial advisor and Moroccan counsel, Naciri & Associates in association with Gide Loyrette Nouel.
CASABLANCA: Zain in a 50/50 partnership with Al Ajial Investment Fund Holding ("Al Ajial") has agreed to invest through a newly established joint venture "Zain Al Ajial" an amount of MAD 2.850 billion ($324 million) in return for 31 percent of Wana Corporate SA ("Wana"), the third mobile telecom operator in Morocco.
This new 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.
With 22.5 million mobile customers representing about 70 percent penetration, Morocco is an exciting new region for Zain to extend our footprint to 23 countries," said Dr. Saad Al Barrak, Chief Executive Officer of Zain. "Alongside ONA, the largest conglomerate in Morocco and its main shareholder SNI, we look forward to assisting Wana to capitalize on its demonstrated track record of introducing innovative products to the Moroccan community and to share the substantial growth opportunities that lie ahead
as Wana launches its new GSM offering.
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'.
One Network is the world's first borderless mobile telecoms network service launched by Zain in September 2006 now offering over 500 million people in 17 countries preferential communications across geographical borders without roaming call surcharges and without having to pay to receive incoming calls, enjoying the benefits of being treated as 'local' customers in any of these countries. These countries are Bahrain, Burkina Faso, Chad, the Republic of Congo, the Democratic Republic of Congo, Gabon, Ghana, Iraq, Jordan, Kenya, Malawi, Niger, Nigeria, Saudi Arabia, Sudan, Tanzania and Uganda.
Zain's and Al Ajial's advisors included JP Morgan as financial advisor and Moroccan counsel, Naciri & Associates in association with Gide Loyrette Nouel.
© Kuwait Times 2009
