Cedarcom, SAL acquired
by MEA Telecom and selected local investors
BEIRUT, Lebanon, September
16th, 2003 – MEA Telecom, a BVI company
and selected local investors acquired 100% in Cedarcom,
SAL from Istisharat Investment, SAL (Holding).
The agreement was signed on the 19th of April 2003,
and ratified and executed in final on the 1st of September
2003.
Cedarcom was granted a wireless data networking and
VSAT license by the Counsel of Ministers decree number
10172 dated 29th April 1997 and renewed on the 4th of
July 2003.
Among four licensed operators in Lebanon, only Cedarcom
had not deployed any wireless data network, and today
after the takeover by MEA Telecom, is in process of
commissioning an advanced wireless backbone covering
the Lebanese Republic. Cedarcom will provide wireless
access and last mile solutions to ISPs, banks, multi-branch
office entities, and home users.
"We are confident in investing in the Lebanese
IT market, specifically now that the Telecom environment
is taking a serious step towards regulating the wireless
market. The Ministry of Telecom is doing an excellent
job!" said Imad Tarabay, CEO of Cedarcom, SAL.
"We wish Cedarcom prosperous growth and achievement
in the local market. We are confident that under their
current plans, Cedarcom will break boundaries in its
service offerings" said Joe Faddoul, CEO of BML
Istisharat.
Terms of the agreement were not disclosed.
For more information about Cedarcom, please visit www.cedarcom.net
MEA Telecom is a BVI company, with majority equity participation
in several IT companies in Lebanon, Middle East and
USA. MEA Telecom is constantly eyeing IT ventures, interested
entrepreneurs may contact MEA Telecom at investments@meatelecom.com
BML Istisharat is a recognized provider of Banking Insurance
and ERP software products with more than 60% of revenues
derived from exports to the U.S., Western Europe and
the Middle East, international acceptance characterizes
BML Istisharat products. For more information, please
visit www.istisharat.com
back to News
& Events
|
