Major points in the general assembly meeting of PADICO
The board chairman of PADICO Mr.Munib Al Masri stated that the company focused its efforts during the previous year on improving the operating performance of its subsidiaries and affiliates, where operating revenues of subsidiaries grew by %18 comparing to the year of 2008.
The CEO of PADICO Mr.Samir Hlieleh demonstrated the companys plan for the coming years, which consists of debts reduction, general & administrative expenses control, investments restructure and focusing on investment in promising sectors.
Hlieleh also indicated that the restructuring process – which the company has progressed rapidly- resulted in an increase of its debts which puts a huge burden on the company in the short run but will have a huge financial return on the shareholders equity.
Hlieleh stated regarding the company’s new investments about starting the establishment of a new station for electric generation in the north of west bank with an approximate cost of $300 million, and the Palestinian company for solid waste recycling in addition to different investments in the infrastructure sector.