TECOM Investments and Dubai Investment Group acquire Maltacom

TECOM Investments (TECOM) and the Dubai Investment Group (DIG), both members of Dubai Holding, announced today, the acquisition of a 60% controlling stake in the Maltese telecom company, Maltacom.

United Arab Emirates: Wednesday, May 17 - 2006 at 16:12
PRESS RELEASE

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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.

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About Maltacom
Maltacom is the leading provider of telecommunications and related services on the Maltese Islands. Its portfolio of activities includes advanced national and international telecommunications services, mobile, internet services, data, and IT business solutions. As of April 2006 Maltacom had a market share of close to 100% in the fixed market and of approximately 48% on the mobile market.

About Dubai Investment Group (DIG)
DIG is the global financial investor of Dubai Holding. Headquartered in the Emirate of Dubai and with local offices stretching from New York through London to Kuala Lumpur, DIG focuses on long and short term investments with the potential to deliver exceptional and sustainable performance. DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. Dubai Investment Group has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications and Hospitality.

About TECOM Investments
A subsidiary of Dubai Holding, TECOM Investments started with the aim of developing the knowledge-based economy in Dubai. This aim addresses a variety of industry sectors including telecom, media and technology park development. To achieve the ambition of developing the knowledge economy, TECOM successfully initiated a cluster approach in order to tackle each defined component of the knowledge-centric service offering. The clustered approach proved successful not just in the information and communication technology industry but also in media, education, and biotechnology sectors. TECOM first launched its telecom operations in 2000 with what was the region's first commercial deployment of converged services over a single IP network, offering a range of corporate and residential services, including IP triple play (TV, telephony and broadband internet). TECOM recently announced the acquisition of a 35% stake in Tunisie Telecom. TECOM's other telecom investments include a Axiom, the largest mobile distributor in the Middle East, and Interoute, a next generation IP network connecting together most countries in Europe.

For further information, please contact:
Sabah Al Asmawi
Head of Corporate Communications
TECOM Investments
Tel.: +9714 367 1771

Baiju Francis
Account Manager
JIWIN
The Public Relations Arm of Dubai Press Club
T:+9714 361 3 596

Posted by Lara Lynn Golden, News Editor
Wednesday, May 17 - 2006 at 16:12 UAE local time (GMT+4)

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This Article was updated on Sunday, December 24 - 2006

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