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PADICO issues bonds worth $120 million

2021-07-08

Palestine Development and Investment Company PADICO has called for holding an extraordinary general assembly meeting on 09/08/2021, to approve issuing bonds worth $120 million in order to amortize the existing bonds. Whereby the nominal value on the bonds is worth $120 million and has a 5-year term. The bonds are not convertible into shares and not able to trade in any financial market. They will be issued through private subscription and are guaranteed by first-class pledges on part of PADICO’s owned stakes in the shares of: Palestine Telecommunications PALTEL, Palestine Real Estate Investment Company PRICO, and Palestine Industrial Investment Company PIIC, to ensure 130% of the total issued bond’s nominal value, creating an excellent debt.