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Resuming trading on PALTEL share … Abu Khadija: the group's financial results is the essential arm for the investor's confidence in PALTEL's share

2009-03-10

Partnership with ZAIN assures the harmony in the strategic visions between PALTEL Group and ZAIN

Ramallah - The Deputy Chief Executive of the Palestinian Telecommunication Group Mr. Kamal Abu Khadija announced resuming the trading on the company"s share in Palestine Securities Exchange yesterday, which coincide with the announcement of the positive results of the overall activities of the group, where net profits was 125.5 million dollars in 2008. Abu Khadija added after the approval of the Assembly upon the recommendation of the Board of Directors to distribute dividends by 40% of the par value of the share, that the company"s profits have contributed to the successive closer relationship with shareholders, which enabled the company to carry out its work in the light of plans to reduce the costs and increase profits and improve performance. Abu Khadija said that the group on the verge of a strategic partnership with the giant group of ZAIN, adding that this partnership is as another testimony that we are proud of and eager to put into effect as soon as the Authority gives its final approval. As the Chairman Mr. Sabeih Al Masri and the Vice-President of the board Dr. Abdel Malik Jaber stated through the Assembly that there is no impediment to the deal except to obtain an official approval within our commitment from the national authority to achieve what is best for this vital sector for the benefit of the national economy. We are confident by the objectiveness and the interest of the Authority in this transaction, and we respect that and that"s why we all are waiting for such approval to reconcile it to the public and officially approve it in an irregular assembly in the near future. In conclusion, Abu Khadija said "This deal is considered crucial in terms of impact on the common and the national economy, which support the efforts of the Palestinian National Authority in attracting foreign investment, we are aware of all these positive consequences locally and regionally that lead us to hope to obtain final approval of the National Authority in the near future.