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Reference price of Syriatel share is SYP 7488.63

Overview

Syriatel has been leading the Syrian mobile telecommunication market since 2000,
Syriatel believes that its first responsibility is to offer its subscribers a wide array of high quality products and services at reasonable prices, which meet their needs and make their life easier.
 
In 2004 the company completed its initial public offering and became a joint-stock company on-January 1st 2005. It is now owned by more than 6300 shareholders from different nationalities. The ownership percentages in terms of nationalities are as follows:
  • Syrian 81.5%
  • Saudi 7.45%
  • Emiratis 7.9%
  • Others 3.12%
Individuals own around 11.8% of the company and the rest is owned by several companies and investment funds. Al-Mashreq investment fund is a major shareholder, a member of the board of directors and Syriatel's parent company. This fund has made a very positive contribution to the Syrian society and economy alike, by establishing, and running successful corporations in several sectors across the country.
Syriatel has established a network of 23 Points Of Service covering all Syrian territory, and a professional Call Center team serving daily over 25,000 customer queries on daily basis.
 
Syriatel strives to enhance its corporate citizenship by supporting the society to which it belongs. Its numerous corporate social responsibility initiatives include sponsoring a wide variety of activities promoting culture, art, environment, charities... etc.
 
Syriatel aims to be a model employer by creating an environment of mutual respect, encouragement and teamwork - An equal opportunity environment for employment, development, and advancement for all qualified people.
 
Each member of Syriatel's team strongly believes that our corporate values are the key to continuing success. Syriatel's values are:
 
  • Team Spirit
  • Excellence
  • Customer Focus
  • Integrity
  • Respect
  • Ownership
  • Passion

Corporate profile

Company name: Syriatel Mobile Telecom S.A                   Board Of Directors
Nationality: Syrian Chairman:

Ramak for development and humanitarian projects L.L.C (Represented by its GM, Eng. Rami Makhlouf)

Sector: Telecommunication Vice Chairman: Mr. Ehab Makhlouf
Establishment Date: 10/11/2001 Member: Al- Mashreq Investment Fund
Operating Date: 29/06/2002 Member: Dr. Homam Al Jazaeri
Registration Number: 5141 Member: Dr. Mohamad Al Jalaley
Capital: SYP 3,350,000,000    
Authorized Capital: SYP 3,350,000,000                   Executive Team
Paid-in Capital: SYP 3,350,000,000 Chief Executive Officer: Mrs. Majida Sakr
Share Par Value: SYP 100 Finance Director: Mr. Bassam Hatamleh
Outstanding Shares: 33,500,000 Procurement Director: Mr. Khalil Youssef
Country: Syria Technical Director: Mr. Ayman Zwiya Yamaa
City: Damascus Rural MIS Director: Mr. Murid Sakhr Atassi
Address: Damascus Rural, Daraa Highway,    
  Sahnaya Intersection HR & Admin Director: Mr. Souheil Sahyoun
P.O. Box: 2900 Damascus                                                  
Phone: +963.11.23730000    
Fax: +963.11.6723006    
E-mail: info@syriatel.com.sy External Auditor: Mr. Kahtan Al Syoufi
Website: www.syriatel.sy Internal Auditor:
Mr. Fadi Heba

 

Corporate history

In year 2000, an agreement was concluded between Drex Technologies S.A. and Orascom Telecom Holding S.A.E. – Egypt to establish Syriatel Mobile Telecom Company (“the Company”) as operator of the cellular telephone network in Syria. After the investment agreement (Build–Operate–Transfer) was signed on February 12, 2001 between Drex Technologies S.A and Orascom Telecom Holding S.A.E. – Egypt, on the one hand, and the Syrian Telecommunications Establishment, on the other hand, to build a cellular communication network “GSM”, the Company was established. Moreover, the Company underwent two phases: the trial project phase and the permanent project phase.
 
During the trial project phase, the Company built and operated the cellular communication network at its own expense without any charge to the Syrian Telecommunications Establishment.
 
Furthermore, it was agreed that all revenue would belong to the Syrian Telecommunications Establishment up to the end of the trial project phase. February 13, 2001 was considered the date at which the trial project ended and February 14, 2001 the date from which the permanent project started. The Company obtained its commencement order from the Syrian Telecommunications Establishment on June 29, 2002
During the last quarter of 2001, the Company’s registration procedures were completed, and the Company was registered as a societe anonyme company under No. 5141 its headquarters in the rural area of Damascus – Daria – Syria Arab Republic.
The Company’s main objectives are:
 
-           To build cellular services projects.
-           To market, import, and export telecommunications equipment and SIM cards and electronic circuits. 
-           To participate in projects similar to the above.
-           To obtain rights, royalties, and licenses to achieve the Company’s objectives.
 
The Company’s life term duration is unlimited starting from November 18, 2001
 
Ownership of the project shall be fully transferred to the Syrian  Telecommunications Establishment at no charge after the expiry of the contract period of 15 years starting from the date of the commencement order (June 29, 2002)
 
The Syrian Telecommunications Establishment “the Establishment” shall receive from the Company the following percentages from its gross revenue less the interconnection fees:
 
a.     30% for the first three years.
b.     40% for the second three years.         
c.     50% for the remaining years (nine years).
d.     60% for the years of extension, if any.
 
In late 2004, Syriatel increased its authorized capital by issuing 7 million common shares to the public, to finance its investment and expansion and to open opportunities for the public to be part of Syriatel's success and evolution. 
 
Two world class financial institutions, Deloitte & Touche and Ernst & Young, valued Syriatel at SYP 24.9 billion, or SYP 415 per share, so the BOD suggested to offer the share at SYP 400 to encourage the potential investors.
The Arab Jordanian Investment Bank led the initial public offering and managed the allocation process, and the offering was fully subscribed, and the securities were allocated on 1/1/2005.

Orgnization chart

Corporate governance

Since day one, Syriatel has been striving to comply with all governmental laws and regulations, classifying this matter as one of its strategic goals and one of its top priorities.

In 2008, this issue reched an important juncture when the Syrian government issued “Disclosure Instructions Act” followed by the new “Syrian Corporate Law” then by the “Corporate Governance Act”  which was issued by the Syrian Commission on Financial Markets and Securities.

At the same time Syriatel was working to find its own comprehensive governance act that encompass all the related regulations and decisions, and cope with the latest development in this field.

In mid-2009, Syriatel Board of Directors took serious steps toward finalization  by approving the preliminary issue of Syriatel governance act and re-engineering the  board structure and forming the internal audit committee and appointing an internal auditor  .

Syriatel Corporate Governance act:
Most of the contents of the act, that was developed by Syriatel, was taken from the governmental legislation; and structured in an legitimate way and easy to be read, understood and applied .

The act consists of 9 elements:

Shareholders:
This element defines the role of the Investor Relations Unit, and spots the general shareholder rights and duties, access to information and the main frames of the Annual General Assembly.
 
Stakeholders:
This element defines the role of the BOD and the company toward its stakeholders,  bondholders and creditors.
 
Disclosure and Transparency:
This includes the needed steps to issue the corporate annual report within the time frame, and setting the disclosure policy
 
Board of Directors:
This element defines the BOD composition and structure, their tasks, responsibilities and competencies, restrictions on the BOD.
 
Executive Management:
This element defines the responsibilities and duties of the executives
 
The Audit Committee:
This element defines the Audit Committee composition and structure, their tasks, responsibilities and competencies,
 
The independent Auditor:
The main role of the auditor, and the nomination and appointment process .
 
The Internal Auditor:
Main role and responsibilities of the internal auditor and appointing process
 
Syriatel Code of Ethics & Business Conduct:
This element is created for Syriatel employees as general guide in order to support the great interest and moving the company from good to great