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Big investors intervene to ensure a safe withdrawal for Kuwaiti Global from the Palestinian companies

2009-02-15

The Prime Minister Dr. Salam Fayyad signed with the European Union last week, the first direct support for PNA"s budget in 2009, that worth 168 million Euros from 300 million Euros which are the aid of the European Union that committed to provide to the Palestinian people for this year, of which 67 million Euros through the UN Relief and "UNRWA, while 65 million Euros had not been allocated yet. The Government has been unable so far to disburse the salaries of employees and other obligations to the rest of the clients for the month of January, owing to directing most of the available resources to fund the urgent relief program announced by the Government of the Gaza Strip, while Fayyad said that the government is committed to the wages by twentieth of the month. Among Palestine Securities Exchange, the Kuwaiti Global Investment House Global and as expected began to liquidate its investments in the Palestinian market, in view of the urgent need for liquidity in order to pay its obligations to the bank after the large losses suffered by global financial markets a result of the financial crisis, PADICO has taken the initiative at the end of last week to buy the full share of Global in Palestine Real Estate Investment PRICO, which amounts to about 33% of the total paid up capital of the company, with 16 million shares in a deal that valued more than one 18 million dollars at a price of  0.80 JD per share, bringing PADICO to  own in PRICO from  38% to about 71% of the total paid-up capital that is JD 48.5  million..
Global had launched in early April of 2006, the Palestine Investment Fund, to invest in the Palestinian companies listed on the stock exchange and in the IPOs, with an open capital of a range between 100 and 200 million dollars, the fund had been classified last week as the best performance of investment funds in the Middle East and North Africa, according to what had been published in the Angle website which is one of the best data providers in the region.

 

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