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The General Assembly of Birzeit Pharmaceuticals Company approves the distribution of JD 1.2 million as cash dividends to the shareholders

2009-03-26

Ramallah – Al Ayyam: the General Assembly for Birzeit Pharmaceuticals Company approved yesterday the recommendation of the Board of Directors to distribute JD 1.210 million from the profits of the past year as cash dividends to shareholders, as of 10% of the paid up capital of about JD 12.10 million, at the conclusion of the assembly that had been held in the company"s headquarters in Ramallah, in the presence of the companies observer Nizam Ayyoub and the representative of the Palestine Stock Exchange Mohamed Hejaz and the representative of the Market Capital Authority Baraa al-Nabulsi. The distribution of profits to shareholders as they are in the records of the company on the day of the Assembly meeting will start at the beginning of next April.
The Assembly agreed to transfer 10% of the profit as of JD 308,162 to the compulsory reserve, and 20% as of JD 616,324 to the optional reserves, and converse the surplus profits of JD 947,138 to the general reserve.
The company"s net profit after tax and allocations in 2008 reached about JD 3.081 million, while operating revenues reached about JD 13.36 million, an increase of %13.41 versus the year 2007, while total assets at the yearend increased to about JD 33 million up by% 6 from the end of the year 2007, and net shareholders equity rose to about JD 26.57 million up by % 8 comparing to the year 2007..
In addition to the ratification of the management report and the balance sheet of the past year and the report of external auditor and the discharge of the Board of Directors, the General Assembly elected a new directors of the board, consisting of: Talal Nasser al-Din, and Farhan Abu Leil, Mohammed Nasser Al-Din, and Bank of Palestine, and Yahya Shawar, Walid Najjab, and Firas Nasser Al-Din.