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The distribution of PALTEL’s cash dividends will take place within 10 days

2013-04-07

Mr. Sabih Masri; the chairman of Palestine Telecommunications PALTEL noted that PALTEL group increased its determination after the recognition of Palestine in the United Nations, to continue  its contribution to develop the telecommunications and information technology sector in Palestine, including the development of fixed-line, wireless  and data services and the provision of modern technology in Palestine. It is good to note that the general assembly of PALTEL approved distributing 45% cash dividends (JD59.2 million) for the year 2012. Mr. Masri  noted that the distribution will take place within 10 days. 

Achievements and exceptional circumstance

Mr. Masri said: the group worked through the year 2012 in exceptional circumstances, including changes in exchange rates, illegal competition faced by Israeli companies and high taxes, which led to higher operational costs. This came along with various obstacles imposed by the Israeli occupation on the ground to directly affect the company"s business, particularly in the Gaza Strip. He assured that bearing in mind the benefit of its shareholders in the first place, the General Assembly approved distributing 45% of the par value of the share, with a total of JD59.2 million and an unprecedented increase in the ratio of distribution of profits for last year by 12.3% and with the highest percentage of profit not only at the company"s level, but also at the level of Palestine securities exchange.

Growth Continuing

Mr. Ammar Aker mentioned the efforts of The Palestinian Ministry of Telecommunications and Information Technology, especially after the recognition of Palestine in the United Nation, to introduce pressure on the Israeli Authorities to get the 3G service and other devices and equipment that will transfer the Palestinian Telecommunications sector to a new developed phase. Mr. Ammar also noted that the company has a strong financial position that is mostly related to the strength of PALTEL’s share on Palestine Stock Exchange PEX. This was emphasized by RASMALA report about PALTEL shares, whereby, noted that the reasons behind the strength of PALTEL’s share came as a result of the growth achieved by the company in terms of financial performance, cash dividends and shareholders’ equity. In addition, the company is distinguished in terms of the highest dividends distributions and attractive returns on investment. Mr. Aker said that the company is seeking to maintain its growth through the preparation of systematic plans and investment expansion in order to maintain the shareholders’ equity despite all the challenges, in addition, the company is looking forward to get the 3G and 4G services to upgrade the telecommunications and information services in Palestine. The company continues in providing entrepreneuring projects in addition to projects that target women, individuals and local institutions.