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A momentum in the dividends proposals and varied financial performance for the blue-chips

2018-02-15

  Sahem Weekly Trading Report (11-15)-02-2018                      

Al-Quds Index increased significantly by 2.52% this week, to close at the level of 590.10 points; breaking through new important psychological barriers. However, the anticipations dominated the trading nature in the few previous weeks in waiting for disclosing the companies’ financial data and their dividends distributions’ trend accordingly. While, Palestine Stock Exchange PEX witnessed, during the week, a momentum in the significant news of the Palestinian companies coinciding with the end of the legal period granted to these companies to disclose their preliminary annual financial data for the year 2017. On the other hand, the coming period will witness a variation in the investors’ behavior- with their different types-.

Regarding the significant news of this week, Tamkeen Insurance Company- the Islamic insurance company which is specialized in offering all types of insurance services- announced offering $1.84 million shares for Initial Public Offering IPO, whereby, the IPO will start from Sunday morning 25/02/2018 and will end on Thursday evening 22/03/2018. Moreover, the company announced that the minimum amount of subscription in one form must not be below 2,500 shares, while, should be of the multiples of 2,500 shares.  Tamkeen also noted that the subscription will take place in all branches of: the Arab Islamic Bank, Palestine Islamic Bank and Al-Safa Bank.

Regarding the dividends distribution for the year 2017, the board of directors BOD of Global United Insurance Company GUI raised a recommendation to the general assembly GA, which will be holding a meeting on 11/04/2018, to raise the authorized and paid up capital from $8.00 million to $9.60 million by distributing 20% stocks dividends to its shareholders. In addition to 10% cash dividends, to record 5.43% dividends yield based on the current market price. Also, the BOD of the National Insurance NIC proposed to the GA, which will be holding a meeting on 29/03/2018, raising the paid up capital from $12.00 million to $15.00 million through distributing 25% stocks dividends to its shareholders, and 25% cash dividends, to record 6.63% dividends yield based on the current market price. Moreover and in the Insurance sector, the BOD of Trust International Insurance Company TRUST raised a recommendation to the GA, which will be holding a meeting on 10/04/2018, to distribute 50% stocks dividends to its shareholders, to raise the paid up capital from $10.00 million to $15.00 million. It also recommended distributing 20% cash dividends, to record 4.44% dividends yield based on the current market price. On the other hand, the BOD of Birzeit Pharmaceuticals BPC raised a recommendation to the GA to distribute 2.7% stocks dividends to its shareholders, to raise the paid up capital from $18.50 million to $19.00 million. In addition to 20% cash dividends, to record 3.64% dividends yield based on the current market price. In the same context, the BOD of Al Shark Electrode Company ELECTRODE proposed to the GA, which will be holding a meeting on 20/03/2018, to distribute 12% cash dividends to its shareholders, to record dividends yield 5.71% based on the current market price. Regarding the BOD of the blue-chip- Palestine Telecommunications Company PALTEL-, it recommended to the GA that will be holding a meeting on 26/03/2018, distributing 40% cash dividends to its shareholders, to record dividends yield of 8.32% based on the current market price.

Regarding the listed companies’ disclosures for the year 2017, Palestine Electric Company PEC noted posting net income of $8.64 million at the end of 2017, compared to realizing net loss of $0.65 million at the end of 2016. Moreover, the Vegetable Oil Industries Company VOIC noted posting net income of JD6.83 million at the end of 2017; up by 21.81% compared to 2016. And regarding the leading companies’ disclosures, the Arab Palestinian Investment Company APIC noted posting net income attributable to the shareholders of the parent company of $11.87 million; up by 44.01% compared to 2016. Furthermore, Palestine Telecommunications Company PALTEL announced posting net income of JD70.53 million in 2017; down by 11.90% than 2016.

 

 


 


 

 

 
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