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Masharie divests 50pc stake in Syscom

Dubai, December 28, 2010

Masharie, the private equity arm of Dubai Investments, announced that it has divested 50 per cent of its stake in Syscom Emirates, a telecommunication system integrator in the region, to Inteltec Emirates, a subsidiary of Saudi Inteltec.

“The divestment is part of our strategy of creating value through the introduction of joint venture partners into our assets regionally,” said Abdulaziz Bin Yagoob Al Serkal, chief executive of Masharie. “The move will enable us to pursue growth opportunities in the region more aggressively.”

“Inteltec has built a reputation as a leading player in the ICT and telecom domain in the Gulf region. Their expertise across telecom project lifecycles, combined with their strong industry connections, will contribute significant value to Syscom,” Al Serkal added.

“We are confident the combined expertise and synergies of Masharie and Inteltec will allow Syscom to enter a new phase of growth in the next few years,” stated Ghassan Oueida, CEO of Inteltec Emirates.

Saudi Inteltec provides its customers with professional turnkey services and solutions in various ICT domains. The company operates in the region through its many subsidiaries - which include Skyband, Skyhost, Digico, Saudi Coromo, Skypos, iPay and Inteltec Emirates.

Masharie has a direct investment portfolio of 18 companies operating in diverse sectors including construction materials, contracting, aluminium, telecom and interior design.-TradeArabia News Service

Tags: finance | Private equity | Dubai Investments | Masharie | Syscom Emirates |

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