Zapp to see investments after takeover by Arab group Saudi Oger

The takeover of Romanian company Telemobil (operator of the Zapp network) by the group owned by the family of the former Lebanese Prime Minister Rafic Hariri – one of the richest families in the world, could result in the Romanian company securing necessary investment funds, after it experienced a difficult period in which the company severely limited its promotion budget, and lacked the necessary money to expand its network amid tough competition on the local telecom market. The Saudi Oger group (based in Saudi Arabia) purchased a 50% stake in Inquam Romania, the main shareholder of the mobile telephony operator Telemobil (Zapp) from the American company Qualcomm. The transaction was announced by Telecom officials, but was not released on the websites of Qualcomm and Saudi Oger. The negotiations to take over Telemobil (Zapp) started as early as last year. “The acquisition of Telemobil amounts to Saudi Oger purchasing 100% of Qualcomm’s stake in Inquam, with no other terms of the deal to be revealed,” specified Telemobil officials. Saudi Oger was already a shareholder in Telemobil through the Omnia Holdings investment fund, which held 45.76% in Inquam. Telemobil officials did not wish to provide further details on the transaction.