TECOM Investments and Dubai Investment Group acquire Maltacom

The final purchase price was quoted at €220,000,000 (Lm94,446,000; AED 1,041,180,665) or €3.619 (Lm1.554; AED 17.13) per share. At the close of business on 16 May, Maltacom shares were trading at €4.325 (Lm1.857 0r AED 20.35) per share on the Malta Stock Exchange.

The signing ceremony took place this morning in Valetta, Malta and was attended by Austin Gatt the Minister for Investments, Industry and IT of Malta, Ahmad Bin Byat, CEO of TECOM Investments and Soud Ba'alawy, CEO of DIG.

"TECOM's investment in Maltacom is aimed at leveraging Malta's growth potential and geographic location as well as our experience in successfully establishing and growing ICT clusters. It has provided us with an ideal opportunity to become the focal point for the expansion of the ICT sector in the Mediterranean region. With this acquisition, we are also conscious of the role that we are assuming in contributing to the development of the Maltese economy,"

said Bin Byat.

"The acquisition of Maltacom represents a significant milestone for DIG and is indicative of our long-term commitment to the Maltese market in particular, and the Mediterranean region in general," said Ba'alawy. "This investment along with the other projects that Dubai Holding is undertaking in Malta demonstrates the country's attractive potential for foreign direct investment."

The TECOM-DIG consortium was selected as the preferred bidder for Maltacom after a public selection process conducted by the government of Malta.