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The General Assembly of PADICO approves the distribution of $15 million from the profits as cash to the shareholders

2009-05-14
Al Masri: the financial position of the company is strong and capable to protect its shares and shareholders.

Hleileh: the restructuring had started to bear outcomes and the results of the first quarter confirm that we are in the right direction.

Amman – Al Quds newspaper reporter - The General Assembly of Palestine Development and Investment Co. PADICO held its annual regular assembly meeting yesterday in Amman and through video-link with Nablus in order to facilitate the participation of all stakeholders, where the assembly approved its cash dividends to shareholders by % 6 of the capital.The assembly listened to the report of the Board of Directors for the year 2008 and plans for 2009, presented by Mr. Munib Rashid Al Masri the Chairman of the Board, which began the meeting by reviewing the political and economic developments experienced by the Palestinian territories and the region, which have affected the results of the company"s operations and financial statements. Al Masri said that the economic and political circumstances in Palestine which began several years ago continued in the year 2008, where the Gaza Strip had witnessed in 2008 a military aggression, resulting in the death of hundreds, and the destruction of schools, universities, factories and infrastructure, and border crossings were shut down and tighten the economic blockade on the strip, resulting to isolation and paralyzed life.He added, despite the positive development which has been achieving a kind of security and financial stability, which was enshrined in the West Bank in 2008, but the private sector in Palestine is still facing difficulties in doing business freely and to access regional and Arab markets, which impact on growth indicators of the Palestinian economy, in light of the continued Israeli occupation of Palestinian territory and the peace process without accessing results or prospects, all this added to the financial crisis that devastated the global economy for months and led to decline in global financial markets, which reached many economies to slowdown and recession, and spread to affect all productive sectors of financial, operational in Palestine and the region.