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Board of Directors of PADICO approves the restructuring of its subsidiaries and investing in the sectors of water and electricity

2009-03-31

Jafar Sadaqa wrote:
Board of Directors of Palestine Development and Investment PADICO said that they recommend to the General Assembly of the company that is scheduled to hold a regular meeting in the Jordanian capital 13, May to distribute cash dividends to the shareholders by %6 of the par value of the share, that amounted $15 million which represent %64.6 of the profits earned in the year 2008, which had amounted $23.22  million.
The board held a lengthy meeting lasted for four hours in Amman, the day before yesterday, in which they discussed the balance sheet and the results of the company in 2008, and the current year budget and future investment plans, and performance of its affiliates and allies, and the plan of restructuring of companies operating in the sectors of: real estate, tourism and industrial cities.
The Chairman of the Board of Directors Munib Al Masri said: "The board"s decision of  recommendation to distribute profits reflects the company and board of directors" care to the interest of shareholders, despite the fact that the company bought the share of  Global Investment House Global in the company of Palestine Real Estate Investment PRICO that worth $18 million, as well as share at the PSE of $5.05 million in addition to the ongoing preparations for the entry of new investments in infrastructure sectors. He pointed out that the board of directors will do everything possible to ensure always the distribution of profits to shareholders each year.

Improvement in the performance of subsidiaries:


Al Masri said "The board of directors reviewed comprehensively the performance of its affiliates and allies and subsidiaries", praising in the context the significant improvement in the performance of a number of them, which enabled them to distribute profits, such as Golden Wheat Mills, Palestine Tourism Investment in Bethlehem, Palestine poultry, in addition to vegetable oils industry company.
The Board reviewed the investment performance of the companies of the group, and adopted a set of policies and approaches that will enhance the performance of the parent company PADICO"s share and the rest of its companies.

 
Partnership between PALTEL and ZAIN:

 

 The board briefed the latest developments related to the strategic partnership between the group ZAIN and PALTEL, as PADICO is the main founder and shareholder in PALTEL, where the board expressed its full confidence in the management of Mr. Sabieh Masri of this process, both in negotiations with ZAIN or with the Palestinian National Authority in order of the completion of this successful deal to be in the interest of citizens and stakeholders and the national economy in general, asserting that PADICO  was  and remains and will remain an integral part of the success of PALTEL in the past, present and future, and will maintain its share fully in the company after the completion of the transaction.

Holding company with capital of $300 million:


From his side, Hleileh described the board"s meeting as a comprehensive and detailed meeting where they discussed in depth a number of substantive issues among the performance of the company and its affiliates and allies, in addition to future investment plans.
Hleileh said that the board heard a full presentation on the subject of restructuring the group companies and allies that operate in the sectors of real estate, tourism and industrial cities, and discussed the restructuring plan, and approved an action plan and set up a committee to oversee and follow up the implementation process, including contact with relevant parties such as partners and officials in Palestinian National Authority as an companies observer of capital market observer.
It is expected to be the result of the restructuring process of establishment a large holding company with a capital of more than 300 million dollars, and will be on the on regional and international levels, and listed in Palestine Securities Exchange; and work in the areas of: real estate development and management, and implementation of contracting and construction. Hleileh said: The restructuring plan will bring considerable savings in expenses and costs, and will enable a focused decision-making so as to make it a major player in the Palestinian market.

Company for investment in water sector:


Also, Hleileh said that the board discussed the proposed plan for the development of the company"s investment in the infrastructure sector, where it approved the investment in the water sector, to be completed within the official communication and technical studies required for the proposed projects for investment in the medium term. And PADICO will establish a new company to invest in this sector; its first product will be investment in 9 projects in various cities of the Palestinian territories.

Investment in a power station in the north:


Further, the board discussed the plans of the company"s investment in the electricity sector, which PADICO contributed in the establishment of the power generation in the Gaza Strip, and it is interested in the contribution in any project in this vital area.
Hleileh said: "We are on contact with the Energy Authority since 1998 to establish a power station in north, and now we are to create to participate in the tender which the energy authority to establish such a plant.

 

 

 


 

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