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Thu 3 Jun 2010 05:10 PM

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Zain's Jordanian subsidiary gets $70.5m loan

Wholly owned unit Zain-Jordan is the largest mobile operator in the kingdom.

Zain's Jordanian subsidiary gets $70.5m loan
TELECO WATCH: Zain revived earlier this year initial discussions to gain majority control of Paltel.(Getty Images)

Kuwait-listed mobile operator Zain's Jordanian arm secured a $70m loan from Jordan-Kuwait Bank to finance expansion of its network with new technology, the firm said on Thursday. Wholly owned unit Zain-Jordan is the largest mobile operator in the kingdom, with around 2.5 million subscribers and a share of 42 percent in a market with almost 100 percent penetration.

"This financing deal will reflect on the performance of the company and its future plans by applying the latest technology at very competitive prices," Abdel Malek Jaber, the CEO of Zain Jordan said in a statement.

Its main competitor, with nearly 2 million subscribers or over 30 percent of the market, is Jordan Telecom Group, in which France Telecom  owns a 51 percent stake.

Zain Jordan had sought to expand into the lucrative Palestinian market through commercial deals that bring Palestine Telecommunication Co's (Paltel) 1.5 million subscribers into Zain's borderless mobile phone platform.

Zain revived earlier this year initial discussions to gain majority control of Paltel, which is the largest mobile operator in the West Bank and Gaza, after cancelling the deal last year. ($1 = 0.709 dinar) (Reuters)

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