Mr. Abdulwahab Ahmad Al-Nakib Chairman and Managing Director of Al-Deera Holding Company (Ticker:ALDEERA) announced the completion of a transaction where Al-Deera International Communication Company successfully acquired 39 % of FASTtelco, a leading telecommunication service provider in the Kuwait market. This is deemed to be one of the most significant transactions in the telecommunication sector on the local level.
KUWAIT (Business Wire EON) January 27, 2008 --
Mr. Abdulwahab Ahmad Al-Nakib Chairman and Managing Director of
Al-Deera Holding Company (Ticker:ALDEERA) announced the completion of a
transaction where Al-Deera International Communication Company
successfully acquired 39 % of FASTtelco, a leading telecommunication
service provider in the Kuwait market. This is deemed to be one of the
most significant transactions in the telecommunication sector on the
local level.
Mr. Al-Nakib said “we are proud of this
transaction which enhances our position as a major shareholder in
FASTtelco, whereby Al-Deera International Communications Company enters
as a major shareholder in FASTtelco by acquiring an influencing equity
position of 39%, at KD 6.240, making FASTtelco another success story to
Al Deera international Communications company investments in addition to
its exciting portfolio of local and international companies which
includes Aiwagulf, BPL Global and Seamobile.
Mr. Al-Nakib added, “The growing regional
indicators of the communications sector and FASTtelco’s
solid market position and high quality management team were the driving
force behind our substantial investment. The acquiring of an influencing
equity position in FASTtelco; one of the local pioneer companies in this
line of business, shall be another successful investment in the
portfolio of Al-Deera International Communications Company, who
specializes in communication and technology investments on local and
international levels”.
“We are confident that FASTtelco will continue
to provide new and unique services, thus maintaining its pioneer
position, reflecting its eminent quality and prominent management”,
Mr. Al- Nakib added.
Al-Deera International Communication Company will be represented on the
board of directors of FASTtelco, which is comprised of seven members, by
Mr. Abdulwahab Ahmad Al- Nakib, Mr. Talal Bader Al-Bahar, Mr. Khaled
Magdy El-Marsafy and Mrs. Maha Abdulkarim Abbas.
Mr. Saud Abdulaziz Al-Ghanim, the Managing Director of FASTtelco
said “We are delighted to have Al-Deera with
us, we deem this transaction a significant and imperative step, due to
the positive outgrowth of this partnership for both FASTtelco and
Al-Deera. We are also confident that the entry of a strategic partner
such as Al-Deera is considered as an element of support to us, based on
its expertise and global strategic relations. This signifies an added
value to us for the purpose of achieving our expansion plans and future
strategies”.
Mr. Khaled Magdy El-Marsafy, General Manager of Al Deera Holding
Company said “This transaction comes as a
result of comprehensive due diligence on the sector and on FASTtelco’s
and its competitive market positioning. As usual, we have conducted
months of research and analysis and ultimately have been convinced of
the strong and leading position that FASTtelco currently holds in its
market amongst its peers, and of its genuine positive growth outlook.
Accordingly, we are pleased to go forward with this investment, which
should result in positive returns for both companies on the short and
long run”.
FASTtelco is one of the first entirely Kuwaiti owned shareholding
companies working in the internet and data communication fields. It is
specialized in providing turnkey internet, local and international data
communication solutions as well as local and international termination
services for foreign carriers.
Moreover, FASTtelco owns the biggest two communication ground stations
in the Middle East, and is thus able to provide the fastest & most
resilient backbone network in the Middle East.
Accordingly, FASTtelco aspires to be the best internet & networking
services provider on the local level, by means of providing electronic
trade (e-trade) services, electronic government, electronic education,
as well as a salient package of services provided on both retail and
corporate levels.
The Deal between Al Deera International Communication, Al Amanah and
FASTtelco was arranged by Univest Group, a pioneer in the regional
financial consulting field that has succeeded to carve its name on
several salient transactions by means of seizing prominent opportunities
in the local and global markets. Worth mentioning, Univest Group
succeeded during the last few years to accomplish a record of successful
transactions and investments worth over US$ 420 Million by acquiring
equity and strategic partnerships in global and regional leading
companies, such as the Chart Group, US Helicopter, BPL Global,
Seamobile, Yotel, Aiwa Gulf, Al-Khat Printing Press, Kuwait National
Lubricant Oil Company, Warba Press & Publishing Company, as well as
Ithmar Capital in Dubai among other numerous companies.
Mr. Al-Nakib concluded saying “at Al-Deera
Communications we seek excellence via seizing investment opportunities
which enable us to be a leader in the communications and technological
sectors. Such accomplishments compliment the strategic plans of Al-Deera
Holding Company, whose outcomes will deliver positive growth through
harvesting profits which the company will witness in the year 2008”.
About AL-Deera Holding Company
Established in 1998, Al-Deera Holding is a Kuwaiti shareholding company
(Ticker: ALDEERA), listed on the Kuwaiti Stock Exchange since 2005,
Al-Deera Holding Company is considered as one of the leading companies
in its line of business. The Company focuses on investment in private
and public companies which witness strong growth.
Since its inception, ALDEERA has adopted a balanced expansion strategy
that allowed for mitigating risk, while maximizing investment return. By
maintaining a diversified portfolio – both in
terms of the geographical and industrial distribution of investments –
the company has been able to maintain steady growth in its net profits;
as a result of such a strategy.
ALDEERA’s investments have also focused on
building alliances and strategic partnerships that allow for developing
the company’s competitive edge especially in
as far as competing for top-tier business opportunities is concerned.
www.aldeeraholding.com
About FASTtelco
FAST Telecommunication Company is the leading Telecom Service provider
in Kuwait. FASTtelco specialize in providing turnkey Internet, local and
international data communication solutions as well as local and
international termination services for foreign carriers. FASTtelco has
implemented the most resilient backbone network in the local market.
This unique network covers the entire State of Kuwait and is co-located
in all Ministry of Communication's local exchanges. This has enabled
FASTtelco to cater for various modes of Data and Voice communication
requirements of small, medium and large organizations as well as the
consumer sector. FASTtelco became one of the first Telecommunication
Companies to be awarded the prestigious Cisco Powered Network (CPN) in
the entire Middle East. FASTtelco was the first telecommunication
company to implement a Class A satellite station. FASTtelco was the
first telecommunication company to introduce WiMAX technology in the
region.
www.fasttelco.com
About Univest Group
Univest Group is a multi-disciplined financial consulting firm. The four
main Business lines of Univest Group are: Private Equity, Corporate
Finance Advisory, Research and Asset Management. It has established fast
growing, leading practices in these fields.
Univest is a sister company of AlDeera holding (Ticker:ALDEERA) a
Kuwaiti holding company listed on the Kuwait Stock Exchange and a member
of the globally recognized International Financial Advisor (IFA)
consortium.
By building alliances and encouraging synergies, Univest has been able
to offer high net worth individuals and institutions unique investment
opportunities, in depth research and valuable financial advice.
Since its inception in the year 2001, Univest Group has identified and
successfully completed deals worth more than USD 420 million covering a
wide range of sectors.
www.univestgroup.com
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