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Palestine Stock Exchange announced including the shares of Wataniya Palestine Mobile Telecommunications WATANIYA in Al-Quds Index after its annual revision of the sample companies included in the index and meeting the parameters of the selected sample. WATANIYA’s shares contribute about 13.8% of Al-Quds Index; the third largest component in the Index as of 28/12/2011.
The company announced in a press release that “including WATANIYA’s shares within the sample of listed companies in the index, reflects its excellence in terms of the standards set by Palestine Stock Exchange, therefore reflecting the Palestinian and International investors’ confidence and enthusiasm for WATANIYA’s share trading”.
Mr. Muhammad Mustafa; the chairman of Wataniya Palestine Mobile Telecommunications said: “ we are glad for including WATANIYA’s shares in Al-Quds Index for 2012. This step followed the success of our Initial Public Offering in 2010 which strengthened our faith in the shareholders’ trustworthiness in our company’s shares; their purchases exceeded the amount of supplied shares by 155%, which represent 15% of the total company’s volume with a value of $50.3 million”.
Dr. Bassam Hanoon; the CEO of Wanatiya Palestine Mobile Telecommunications announced that including WATANIYA’s shares in Al-Quds Index is expected to positively affect the share’s price and increase its attractiveness since it is a proof of what the company had reached of a competitive position and competing other companies in a short period of time .
He pointed out that these indicators have a role in promoting the listed companies’ shares in general and WATANIYA’s shares in specific, and listing it on the international investment map since this index shows the investors a general idea of the market’s directions since it is a tool for measuring the market trend, and strong indicator for selling and buying powers, and shows the up or down trend in prices of the listed companies.
It is worth mentioning that WATANIYA’s shares were listed in the PEX on 09/12/2010, where 15% of the company’s capital was offered for initial public offering. After the IPO, Wataniya International Company’s shareholding reached 48.45%, while the investment fund’s shareholding in the company hit 36.55% and 15% of the company’s shares are distributed on the investors in Palestine and abroad.