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The general assembly of Palestine Development & Investment “PADICO Holding” approved yesterday distributing cash dividends to shareholders by 8% from share’s par value ($20 million), raising the percentage of the board’s recommendation of 6% ($15 million). The GA elected a new board of directors for the company, and included: Sabeih Al Masri, Edgo Group, Nabil Al Sarraf, Nidal Sukhtian, Zahi Khoury, Cairo Amman Bank, Arab Bank, Samir Zraiq, Al Maseera International Company and Ammar Al Aker. The new board of directors also held its first session following the GA meeting, where Munib Al Masri – representative of Edgo- was reelected as the chairman and Nidal Sukhtian as vice chairman.
Commenting on PADICO Holding’s performance; the board member Sabeih Al Masri stated that the results of the company and its subsidiaries & affiliates in 2010 showed that they are on the right track, where significant stages in investments restructuring were completed, resulting in achieving excellent profits by major number of companies such as Palestine Industrial Co Investment, Palestine Poultry Co, Palestine Real Estate Co, The Vegetables Oil Industry Co and Palestine Telecommunications Co, in which led them to distribute good dividends to shareholders. He added: the preliminary results of PADICO for the first quarter of the current year showed stability in profits, and a continuous growth in operating revenues, where the company recorded a net income by $38.1 million in 2010 and by $9.8 million in the first quarter of 2011. Al Masri continued: the investments’ concentration plans in PADICO’s companies and projects have the major contribution in the success of the previous year, where PADICO had implemented several restructuring transactions, mergers and stakes’ selling that included real estate, tourism, financial and industrial sectors. He said: this step had led to concentrate into operations and to look for the future in a studied method; therefore the year 2010 paved the way for the coming years, in which drawn strategies are to accomplish more growth in full confidence and persistence.
Sabeih Al Masri pointed out that PADICO Holding started an ambitious program to expand its outstanding investments in different economic sectors, in light of its commitment in developing the Palestinian Economy in general and in achieving the highest potential return to shareholders, and within its pursue to provide the necessary financing to these projects in the lowest available costs, whereby PADICO announced a few days earlier the issuance of the first Palestinian bonds in which to enhance its leading role in strengthening the financial sector and provide it with new financial instruments. Al Masri expressed his confidence that PADICO Holding will play a significant and vital role in Gaza Strip’s rehabilitation that is expected to be started by the new government after a delay of two years. He said: by retaining unity between the two sides of country, Palestine has a huge process to rehabilitate Gaza, and for sure PADICO will have a pioneer task, as the company had reactivated its investments there.
From his side, Samir Hulieleh the CEO of PADICO exhibited a detailed presentation about the company’s performance in the last year and its future plans. He said: the year 2010 had embodied PADICO’s willingness and eagerness to concentrate the investments of its companies and operations in which to ensure growth, and witnessed active movements in terms of mergers and restructuring transactions, therefore resulting in a remarkable increase in operating revenues that contributed in improving the group’s financial position and strengthening its competitive ability, and constituted a new twist in the company’s journey towards enhancing its investment base and initiating new vital projects.