Lintel Holding Announces the Sale of Linfra

BEIRUT - Friday, February 18th 2011 [ME NewsWire]

(BUSINESS WIRE)-- Lintel Holding announced the closing of the deal to sell 100% of its telecom contracting subsidiary Linfra to IPI Group Holding. Nabil Haddad, IPI Group C.E.O, commented that "Linfra is a great addition to the group in terms of expertise and synergies, with 4 new markets increasing the group’s footprint to 14 markets.

As per Ziad Dalloul, Lintel Holding C.E.O, the sale is in line with the group’s strategy to focus on its mobile operator division especially with the planned launch of the group’s third operation in The Democratic Republic of Congo before the end of 2011. “We are a mid size operator; however we do not settle for less than the leader position in the markets we operate in, and that’s why the launch of the DRC operation will require our full focus especially in view of the country’s size and the type of competitors we are going to face”, commented Mr. Dalloul.

Lintel Holding mobile division; Africell Holding, currently operates in two markets, Gambia and Sierra Leone, where it holds a comfortable market leader position in both countries (65% and 60% for Africell Gambia and Africell Sierra Leone) with a combined 1.8 million active subscribers and projections to cross the 2 million active subscriber bar by mid 2011. Lintel Group consolidated revenue for 2010 crossed the U.S.$ 100 million bar.

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Contacts

Lintel Holding

Elias Arwadi

009611966888

earwadi@lintel.com