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Board of Directors of PADICO discusses today the restructuring plan and disposition of profits

2009-03-29

Jafar Sadaqa wrote:
Palestine Securities Exchange witnessed an active trading last week, as the Palestinian shares continued to gain approaching $ 90 million or %3.70, to increase the market capitalization to more than $2.509 billion at the end of trading week, from about $2.419 billion at the end of trading of the previous week.
Al- Quds index has closed at the level of 546.63 points up 21.73 points or %4.14, driven up by 4 of the indicators represented in the market: services, investment, insurance and industry, compared to a slight decline in the banking sector index.
This coincided with a significant increase in traded shares volumes to levels not seen since the middle of last year, as the average number of shares traded increased by %87.51 to more than two million shares from about 1 .1 million shares per day in the previous week, as the average trading value jumped by %15.72 to reach $8 million dollars per day from about $3.10 million per day in the previous week.
It is scheduled to hold the Board of Directors of Palestine Development and Investment "PADICO", which is the main shareholder in about 12 companies listed in Palestine Securities Exchange, a meeting in Amman today. Al Ayyam knew that the meeting"s agenda has a number of important items, integrate of its 13 companies which operate in the real estate and tourism sectors under a new holding company with capital of more than $300 million, and the integration of the companies operating in the industry under one company, the addition to the establishment of a new company to invest in water and sanitation sector which is the first initiative among the private sector. In the event of approval of these recommendations, Palestine Securities Exchange is on the verge of a fundamental restructuring in terms of the number of shares listed, as the number of vulnerable shares will disappear in favor to a smaller number of shares, but strong. The board will also discuss the latest developments with regard to the partnership deal between the group ZAIN of Kuwait and the Palestinian telecommunications company that is owned by %31 of PADICO.
Also, the Board will discuss act plans in line with year 2008, and submit its recommendations thereon to the General Assembly of the company.