RAMALLAH, December 28, 2016 (WAFA) – Palestine Telecommunications Company (Paltel) and its daughter company, Jawwal Cellular Communication Company, signed Wednesday a new 20-year partnership agreement with the Ministry of Finance and Planning for $290 million, according to a Paltel press release.

It said two agreements were signed extending the operating license for Paltel and Jawwal for 20 more years.

Finance Minister Shukri Bishara and Minister of Telecommunications and Information Technology Allam Mousa signed the agreement on behalf of the government, while Paltel CEO, Ammar al-Aker, signed it on behalf of the two companies.

Mousa said the international auditing company, Price Waterhouse, provided consultancy service to the government in the negotiations with the two companies before signing the agreement.

He said his ministry was careful to deal with any shortcomings that came in the previous license agreement, including issues of monopoly, to make sure the customer will get the best service at the highest quality and reasonable prices.

Paltel, the largest public shareholding company, was established in 1995 to serve customers in the West Bank and Gaza Strip and Jawwal, the first cellular telephone company in the Palestinian areas, was established by Paltel Group in 1999.

Paltel share sells at around $5 at the Palestine Exchange and is considered one of the highest in the local stock market.

M.K.