Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

PADICO Issues First-Ever Palestinian Corporate Bonds

2011-05-11

The Palestinian holding company, Palestine Development and Investment Company (PADICO), Tuesday announced issuance of the first corporate bonds in Palestine worth $70 million directed at the private sector. Prime Minister Salam Fayyad, who attended the event PADICO held in Ramallah to announce its most recent project, welcomed the move and said that issuing bonds encourages investment. He said that the private sector was able to issue the bonds before the government, even though the government also has a plan to issue bonds. Fayyad stressed that the PA will not stop meeting its financial obligations whether it was paying salaries or other obligations in spite of the crisis caused when Israel froze transfer of tax revenues to the PA. PADICO issued 7,000 bonds; each will be at par value of $10,000 with a minimum subscription of 10 bonds. Several banks and financial institutions have expressed interest and commitment to purchase PADICO bonds upon their issuance, said PADICO officials. Introducing the bonds, PADICO chief executive officer Samir Huleileh said that issuing the bonds was part of PADICO’s plans to diversify its investments. “By diversifying our financing schemes and matching between our long term investments and cash supplies,” he said, “we will be able to be more prudent and remain able to finance long term and strategic investments while reducing dependency on short term banking credit.” Issuing the bonds also maintains “a steady stream of dividend payments because of this new financing scheme,” he said. Maher Masri, chairman of the Palestine Capital Market Authority, said the bonds will diversify the financing options available to the private sector. “We are hopeful that other competent and solid companies in Palestine will follow suite and issue financial instruments that will augment the variety of financial intermediation tools in Palestine in addition to improving our credit standing as a financial market,” he said. PADICO chairman of the board, Munib Masri, said the issuance “is a vote of confidence in the local economy and in PADICO’s long term commitment and vision in Palestine.” He expressed hope that the bonds will raise more money for PADICO to finance additional long-term investments. “That is our vision, and that is our strategy for Palestine,” he said. The bond’s maturity will be five years after the issue date with an annual fixed interest rate of 5% for the first 30 months of issue and a variable annual interest for the subsequent 30 months. PADICO, a limited public shareholding company established in 1993, is the leading investment holding company in the Palestinian territories with a paid capital of $250 million.


 

2017-08-17
Medium liquidity with the end of the legal semi-annual disclosures’ period

2017-08-16
PADICO posts net income of $7.46 million in H1 2017

2017-08-16
PRICO realizes net loss of JD1.28 million in H1 2017

2017-08-16
WASSEL reports net income of 0.07 million in H1 2017

2017-08-16
JCC reports net income of JD0.27 million in H1 2017

2017-08-16
AZIZA reports net income of JD2.20 million in H1 2017

2017-08-16
PID realizes net loss of JD0.03 million in H1 2017

2017-08-16
PIIC records net income of JD3.33 million in H1 2017

2017-08-16
PIBC records net income of $1.97 million in H1 2017

2017-08-16
LADAEN realizes net loss of JD0.50 million in H1 2017

2017-08-15
NCI reports net income of $0.15 million in H1 2017

2017-08-15
PALAQAR reports net income of JD0.07 million in H1 2017

2017-08-15
JREI realizes net loss of $0.17 million in H1 2017

2017-08-15
TIC records net income of $1.33 million in H1 2017

2017-08-15
NSC reports net income of JD0.13 million in H1 2017

2017-08-15
ABRAJ posted net income of $0.18 million in H1 2017

2017-08-14
AQARIYA reports net income of JD0.42 million in H1 2017

2017-08-14
BOP posted net income of $24.72 million in H1 2017

2017-08-14
TRUST posted net income of $2.83 million in H1 2017

2017-08-14
PICO reports net income of $2.13 million in H1 2017

2017-08-14
GMC posted net income of JD0.60 million in H1 2017

2017-08-14
JPH posted net income of $0.76 million in H1 2017

2017-08-14
GUI records net income of $0.96 million in H1 2017

2017-08-14
BPC reports net income of $6.02 million in H1 2017

2017-08-14
TNB records net income of $5.36 million in H1 2017

2017-08-14
PEC reports net income of $5.25 million in H1 2017

2017-08-13
ELECTRODE records net income of JD0.09 in H1 2017

2017-08-13
AIB reports net income of $4.01 million in H1 2017

2017-08-13
NAPCO records net income of JD0.18 million in H1 2017

2017-08-13
APIC reports net income of $7.87 million in H1 2017

2017-08-10
Al-Quds Index increases amid the semi-annual financial data disclosures’ domination

2017-08-09
ARAB records net income of JD0.05 million in H1 2017

2017-08-09
ISBK reports net income of $6.37 million in H1 2017

2017-08-09
APC records net income of JD0.70 million in H1 2017

2017-08-09
MIC posts net income of $1.00 million in H1 2017

2017-08-07
UCI reports net income of $0.54 million in H1 2017

2017-08-07
VOIC posts net income of JD3.39 million in H1 2017

2017-08-07
PSE realizes net loss of $0.10 million in H1 2017

2017-08-07
QUDS reports net income of $6.13 million in H1 2017

2017-08-07
PALTEL records net income of JD33.06 million in H1 2017

2017-08-07
BJP records net income of JD0.59 million in H1 2017

2017-08-03
Executing several transactions raises the market's trading value this week

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013