Celtel Acquires Westel

ACCRA, Ghana and KUWAIT CITY -- Celtel International, a subsidiary of Zain (formerly named the MTC Group) announced today it has signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for USD 120 million. The Government of Ghana remains a shareholder in Westel with a 25% holding through the Ghana National Petroleum Corporation. The transaction is subject to standard approvals and authorizations and is expected to conclude quickly.

Westel is the second national operator in Ghana and is licensed to provide fixed and mobile (GSM) telecommunications services The Zain Group, the leading mobile telecommunications network in the Middle East and Africa, aims to launch enhanced telecom services nationwide in the first half of 2008.

Dr. Saad Al Barrak, Zain’s CEO, commented: “We are very excited to enter Ghana, one of the most important markets in Africa. We look forward to offering Ghanaians the quality telecommunications services which we provide in all the countries in which we operate. Based on our pan-African experience we are confident that the increased competition in telecommunications will benefit the people of Ghana and support the already robust national economy of the country.”

The Honourable Minister of Communications of Ghana, Dr. Benjamin Aggrey Ntim said: “The Government of Ghana is delighted to welcome a world class telecommunications operator such as Celtel to Ghana, and we look forward to working together as partners. We are also very pleased to announce that the parties have agreed to list a portion of the company’s shares in the future on Ghana’s public stock exchange for the benefit of Ghanaians.”

Celtel International B.V.