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The company from Dubai currently negotiating with government the possibility of transforming the Ricasoli Industrial Estate into a hi-tech internet city has been short listed as one of three companies bidding for a 35 per cent stake in Tunisie Telecom.
Tecom Investments, the United Arab Emirates company in talks with the Maltese government is competing alongside France Telecom and Vivendi for the minority stake in the Tunisian telecoms company.
Apart from the likely investment into SmartCity at Ricasoli, Tecom Investments is also in negotiations with government over the sale of the latter’s 60 per cent shareholding in Maltacom.
Tecom’s activity on the market is a sure sign that the company has a lot of liquidity in hand. Tecom’s bid for Tunisie Telecom is valued at USD1.76 billion and is particularly interesting for Malta, given Tecom’s negotiations with government over Maltacom. With the multiples being offered for the minority stake in Tunisie Telecom, industry observers expect the Maltacom transaction to have a very good price tag given the controlling stake the potential strategic partner will have in the Maltese company.
Maltacom’s privatisation negotiations, which also involve a Saudi Arabian firm that had earlier pulled out of the Tunisie Telecom bid, are currently at an advanced stage.
But the announcement this week that government has reached a double taxation agreement with the United Arab Emirates is considered by industry observers as a sure sign that government is expecting the amount of trade between Malta and the UAE to increase. Observers say the double taxation arrangement could have been agreed in anticipation of a major breakthrough with Tecom Investments over the SmartCity bid and possibly the Maltacom privatisation.
Officially the SmartCity bid and the Maltacom privatisation are two separate negotiations despite the common presence of Tecom Investments.
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