The Palestine Telecommunication Co (Paltel) said on Thursday it had cancelled a deal in which Kuwaiti telecommunications firm Zain (ZAIN.KW) would have gained a majority stake in the Palestinian firm.
Zain confirmed the cancellation of the deal with Paltel, which has 1.5 million mobile telephone users and operates in the West Bank and Gaza Strip.
A statement issued by the Paltel board after a meeting said it considered the deal no longer effective and off. Commitments made under the deal had not been fulfilled within an agreed timeframe, it said, giving no further details.
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