Syriatel to manage HitsUnitel

Damascus-based Syriatel Mobile Telecom has confirmed it will manage and operate Yemen’s third wireless operator, HitsUnitel. Unitel, a joint venture between China Mobile and a group of Yemeni and Arab businessmen, was awarded the Yemeni licence for USD149 million in 2005. Last year, Saudi-based House for Integrated Technology Systems (HITS) and Unitel merged to form HitsUnitel. Chief communication officer at Syriatel, Magda Sakr, told Zawya Dow Jones that HitsUnitel increased its capital to USD190 million during the company's first general meeting. Sakr did not reveal the size of the stake Syriatel holds in the new firm, but earlier reports stated that Syriatel bought a 10% stake for USD40 million. HitsUnitel expects to be operational in mid-2007.