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Abu Libdeh: all listed companies revealed their financial statements for the third quarter

2007-11-01

Abu Libdeh: all listed companies revealed their financial statements for the third quarter

Dr. Hassan Abu Libdeh, President of the Governing Council, the Executive Chairman of the Palestine Securities market announced the end of the legal financial period available for listed companies to provide financial statements, as of 30/9/2007 through disclosure of all listed companies. Abu Libdeh in a press statement, yesterday, expressed that the disclosure of all thirty-five companies included in the time available reflects the start of a new era of commitment to automatic disclosure requirements for companies whose respond to a prerequisite for laying the foundations for a just circulation and protection of the rights of investors and shareholders and to develop the investment environment of Palestine. Abu Libdeh noted that the market has made great efforts over the past months to strengthen corporate governance contributing Assembly in connection with the issues of disclosure and transparency, and that these efforts made in cooperation with the Capital Market Authority successful through enhancing the culture of disclosure to the departments of these companies. Abu Libdeh noted that the market has intensified follow-ups in this file and the development of internal regulations, including a list of fines and penalties, and the development of models of electronic disclosure, but accompanied by all and will real and serious departments to require companies to fulfill their legal obligations to its shareholders and investors in general. The statement said that the results of the disclosure of companies  for the first nine months of this year point to achieve the 26 companies out of 35 indicating profits, while losses suffered 9 companies for the period indicated. He added: inferred from the results of the companies that the banking sector was better, as it made all the banks included six annual profits, with all insurance companies had annual profits of the company except for one out of four companies, while not able Two of the sector investment of eight companies and two of the services sector of seven companies to achieve annual profits, noted that six companies from the industrial sector had achieved annual profits out of the ten companies listed. The statement said that the market received audited financial statements from each company checker procedure except five companies had been reviewed data from the checker outside of those companies. The statement pointed out that all the companies disclosed the American dollar or the Jordanian dinar, no longer any company as of this disclosure disclose SHEKEL Israeli As was the case for some companies, is easy for the investor reading lists and financial indicators consistency after his capital and confer with his disclosure. Abu Libdeh thanked all listed companies and departments revealed in time and properly, valuing the destruction of this unprecedented response, pointing out that the success of each disclosure is the success of all dealers with the stock market, is a solid basis for enhancing the efficiency of circulation, and attract more investments, and reduce rumors, and investor protection and promoting confidence.