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PADICO confirms its intention to integrate existing companies and invest in new sectors

2009-03-16

Ramallah – Al Ayyam: Palestine Development and Investment Company PADICO assured yesterday its intention to integrate a number of affiliated companies, and invest in new sectors, as part of a comprehensive plan initiated last year to restructure its core activities.
The Chief Executive of the company Dr. Samir Hleileh said in response to a clarification to the capital market authority on the statements that were published in Al Ayyam newspaper recently "We confirm the accuracy of the information published by the Al-Ayyam newspaper on 9 March, regarding the integration of a number of affiliated companies to the company, and the establishment of a new one in one of economic sectors and the implementation of number of new projects".  
Hleileh clarified in the disclosure which was published by Palestine Securities Exchange on its website that "what has been announced in this regard is still at the stage of the study and preparation, and if adopted by the Board of Directors, we will disclose them indirectly through a letter to the Capital Market Authority"
Hleileh did not give details about the companies to be merged, but said earlier this month that the integration process will reach companies that are engaged in similar activities.
And for the Board of Directors of PADICO that was scheduled to meet in Amman next Saturday, it was postponed to 29 this March, to discuss the plan of restructuring the company"s activities, and the results of its operations in the last year, in addition to the recommendations on the disposition of profits.