Zapp Mobile bought by Saudi Oger

Saudi Oger Ltd. announced the purchase from its partner Qualcomm incorporated of 50% of its participation in the company Inquam Limited, the owner of the Romanian mobile phone company Telemobil S.A., reads a release of Telemobil.

"The purchase of Telemobil S.A. refers to the buying of the Qualcomm participation in Inquam Limited in proportion of 100%, without other terms of this transaction to be made public", the release reads.

Telemobil is the first CDMA operator in the world that launched 3G commercial services in the 450 MHz band. Telemobil has recently won the UMTS spectrum licence in the band of 2100 MHz and will shortly start a massive expansion of its network, using this frequency.

"Following this acquisition, the Saudi Oger group will remain wholly dedicated to development and value creation for both the shareholders and employees of Zapp Romania and Zapp Portugal. Saudi Oger continues to have a very good relationship with QUALCOMM and awaits with great interest its future innovations in the field of mobile voice and data solutions. CDMA and WCDMA in 450 and 2100 MHz", the release also reads.

Telemobil S.A. is the Romanian subsidiary of Inquam Limited, which supplies 3G data and voice mobile services, under the name of Zapp. In 2000, the company was bought by Inquam, a company whose shareholders, with equal participation, were Saudi Oger Limited and Qualcomm Incorporated. Saudi Oger Ltd. is also the main stakeholder in Oger Telecom, leader in the emerging markets.

Last year, Telemobil reduced its registered capital by more than 260 million dollars
At the meeting in September, last year, the shareholders of Telemobil SA Bucharest decided to diminish the company's registered capital by 648.36 million lei (265 million dollars), to 277.8 million lei, by reducing the number of shares by 259.3 million shares, according to the Official gazette.

Following the reduction of the registered capital of Telemobil SA Bucharest from 926.24 million lei (379 million dollars) to 277.87 million lei (113 million dollars), the number of shares was reduced from 370.49 million, to 111.14 million shares, maintaining the nominal value of 2.50 lei per share.

Curierul National