SpaceTel is now MTN Yemen [Archives:2007/1039/Business & Economy]

April 5 2007

SANA'A, April 3rd ) In a Press Conference held in Taj Sheba Hotel, The GSM mobile telecommunications provider SpaceTel announced that its parent company Investcom LLC has been acquired by South Africa's MTN group. This means SpaceTel is now a subsidiary of the MTN Group and will be operating under the name MTN-Yemen. The acquisition was for US$5.526 billion.

Raed Ahmed, General Manager of MTN Yemen, indicated that the merging process was swift and is considered a milestone in the history of mobile telecommunication in Yemen. Ahmed also added that this synergy will bring international expertise in the management of mobile telecommunications, which in turn will considerably improve the service quality of the company. “Our merger with MTN will benefit our customers in Yemen with the advantages of being a part of a truly global telecommunications giant”” said Ahmed.

By the end of 2006