send to a friend by email

Palestine Telecommunications closes purchasing PIF’s stake in PADICO within days

2013-11-12

Palestine Telecommunications PALTEL- the largest company by market capitalizations in Palestine Stock Exchange PEX- disclosed reaching an advanced stage in negotiation with Palestine Investment Fund PIF about purchasing PIF’s shareholding stake of 13 million shares in Palestine Development and Investment Company “PADICO”. According to the disclosure, PALTEL expects closing the deal in the coming few days. This came in parallel to PALTEL’s inserting a buy order of one million shares at the beginning trading session of Monday 11/11/2013, which in turn led the Palestinian Capital Market Authority to send an inquiry to the company since this order is classified as large and unusual. Accordingly in the market, PADICO’s share ended its transaction at the limit up level in this session, closing at $1.15 with unfilled bids of more than 1.5 million shares.