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Siraj Fund of Palestine acquires a strategic stake in WASSEL

2011-10-25

The owners of Siraj Fund of Palestine emphasized the news about acquiring a strategic stake of The Palestinian Company for Distribution and Logistics Services (WASSEL)..  This is the third investment for Siraj Fund since its launching in the beginning of the current year

Siraj Fund of Palestine has already invested in two companies: Pal Gas Company in Nablus for the central gas distribution and Nakheel Company for agricultural investment which started planting tens of thousands of date trees in Jericho in order to export them outside the country.

The fund acquired most shares of the major shareholders of WASSEL, including the shares owned by Palestine Telecommunications (PALTEL), Palestine Investment & Development (PADICO), & Palestine Industrial Estate Development Company (PIEDCO Holding).

This deal of buying WASSEL’s shares is consistent with Siraj Fund of Palestine’s vision, which sees the investment in this company as an opportunity for its future growth, and gaining higher returns. As it is known, WASSEL is one of the largest companies in Palestine for distribution & logistics services. Its services include the provision of mailing services and domestic and international shipping & other logistic services in addition to equipment and cars leasing. This ensures the acquisition of the largest stake of the company, which will lead to strengthen the shares value to maximize the benefits for small investors, following the registered gains that WASSEL recordered recorded during the previous months when increased from JD 0.65 to JD 0.80; up by 23 %

According to the administrators of Siraj Fund, the decision to invest in WASSEL came in effect of three main reasons, the first is the promising opportunities for the development of the company"s services to keep pace with international companies, in addition to WASSEL’s recruitment for more than 900 people, mostly professionals and technicians, which means social benefit and contribution in supporting the Palestinian economy, and finally the increase in value of the share to benefit the Fund and thousands of shareholders whom are mostly of people with limited income.

The Fund will focus on developing the company"s administrative, financial and technological systems and expand its business which will lead its performance to the reasons for progress that will have an impact on raising the standards of the market and the companies in the Palestinian private sector, in line with the Fund"s vision that is based on business development, as also will reflect positively to develop the criteria for the national economy in general.