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Palestine Mortgage & Housing Corporation (PMHC) elects its new board of directors

2012-05-03

The General Assembly for Palestine Mortgage & Housing Corporation (PMHC) has elected a new board of directors representing the private sector, which now owns the company by 100%, after 15 years of partnership with the Palestinian National Authority PNA and international institutions Massar International accounted for three seats in the new board, and the remaining four seats were distributed among Alrafah Microfinance Bank, Arab Bank, Palestine Real Estate Investment, and Consolidated Contractors Company "CCC". The PNA began its shareholding through the Ministry of Finance to be transformed by the years to the Palestinian Investment Fund, who in turn sold its shares to Massar International, which in turn also bought the shares of international institutions to become the largest shareholder in the company"s capital that amounted to 47%, before selling part of it (20 %) to Alrafah Microfinance Bank, to increase the Bank"s share in the company to 20% versus 27% for Massar.