The mobile telephone unit of the Palestine Telecommunications Company (Paltel) is being spun off into an independent company with a capital of JD25 million ($35.21 million), The Middle East reported.
Paltel’s managing director Hakam Kanafani was quoted by the monthly as saying that "Jawwal (the mobile unit) is going to be a corporate independent structure with independent financing, marketing, engineering and customer service.”
Paltel, which is traded on the Palestine Securities Exchange (PSE), owns 65 percent of Jawwal while Palestinian Commercial Services Company, a private Palestinian company, has 35 percent.
"It has always been the plan to get Jawwal up and running and then spin it off as an independent company," Kanafani said, adding that the company was going ahead with the move, which is considered effective from January 1st, 2001, despite the nearly seven-month old Palestinian uprising – Albawbaba.com
