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Following the GA decision of the two companies to be converted into private co., ELECTRODE & PHARMACARE were delisted from the PEX

2023-01-26

 Sahem Weekly Trading Report (22-26)-01-2023

In the penultimate week of January, Al-Quds Index touched the 650 points level and rebounded from closing at 646.18 points; slightly down by 0.07% than last week. While trading in Palestine Stock Exchange PEX lacked any quality, and conservatism controlled the investors’ behavior coinciding with the routinely anticipation for the listed companies’ annual financial data and dividends distribution trends for the year 2022 and what will devolve in their financial decisions accordingly. Whereby, liquidity scarceness dominated trading for this week, and the PEX lacked any institutional transaction that may increase the trading value from time to time. Whereby, with the beginning of February, 15 days remain to the legal period granted by the PEX to the listed companies to disclose their financial and operational annual data from the 45 granted days.

Regarding the significant news of this week and according to the extraordinary general assembly meeting decisions of Al-Shark Electrode Company ELECTRODE and Dar Al-Shifa’ for the Manufacturing of Pharmaceuticals PHARMACARE in the year 2022 regarding converting the two companies from public shareholding company to private shareholding company, and after completing the conversion procedures, and taking the needed approval from Palestine Capital Market Authority PCMA, ELECTRODE and PHARMACARE were delisted from the industry sector in the PEX from Tuesday 24/01/2023. Whereby, the listed companies declined to 47 company from 49 company. 

Regarding the dividends proposals for the year 2022, the general assembly of Palestine Telecommunications PALTEL will be holding a meeting on 20/03/2023, whereby, will distribute cash dividends for the shareholders, but the percentage will be determined in the board of directors’ meeting that comes prior to the general assembly meeting. While the board of directors has intension to distribute 40% cash dividends as last year, but the decision will be under discussion until the release of the final audited financial statements for the year 2022. On the other hand, the board of directors of Trust International Insurance Company proposed to the general assembly, which will be holding a meeting on 30/03/2023, distributing 10% stocks dividends for the year 2022, to raise the paid-up capital from 15.00 million shares to 16.50 million shares. Also, it proposed distributing 20% cash dividends for the year 2022.