ALDEERA Acquires 39% of FASTtelco in a deal arranged by UNIVEST Group
Al-Nakib: Al-Deera International Communications Co. acquires 39% of FASTtelco.
Al-Ghanim: FASTtelco acknowledges Al-Deera an Element of Strength and Support to its Future Plans
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 Intenational Comuniation, 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”.