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The information contained in the statements of the Executive Chairman of Palestine Development and Investment (PADICO)

2009-03-15
Later to the letter by the Capital Market Authority that was directed to Palestine Development and Investment  Company PADICO dated of 12/03/2009, the company confirmed the accuracy of the information contained in their statements that have been published in the Al-Ayyam newspaper on 09/03/2009 regarding to the intent of integrating number of companies related to PADICO and the establishment of a new company in one of the economic sectors in addition to implementation a number of new projects, pointing out that what was announced in this regard is still at the stage of study and preparation, and if approved by the Board of Directors, they will disclose it directly through a letter to the Palestinian Capital Authority.
Regarding to their statements upon the operating profit of PADICO, it is consistent with the financial statements disclosed under the letter No. 104 dated of 15/02/2009, where it is known that the operating profits are related to the profits of the subsidiaries companies and alliances, these include two items in the consolidated income statement, namely: operating income of $ 26.2 million in 2008 and the share of the results of PADICO"s allied companies which amounted $ 39.5 million, and the total of these items was $ 65.7 million, this would be consistent with the respect to what had been published to the operating profit.