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Circular No. (2007/21)
PIB Regarding the Termination of the Palestine International Bank
Based on article (45) of listing regulations concerning the delisting of any company suspended for a period which exceeds one year without any change in its financial position; therefore, since Palestine International Bank has not committed to regular financial disclosures, significant alterations disclosures, and other disclosure reports. As a result and after the consultancy and coordination between the Palestine Capital Market Authority and the Palestine Monetary Authority it has been decided to delist PIB from the market as of Thursday 21-06-2007.
“We wish to emphasize that this decision has nothing to do with the operational performance of the bank or its legal status, neither with any significant changes, this was due to the banks lack of commitment to article (45) of the PSE regulations. The share of PIB in active trades has been suspended in the market as of October 6th 2005.In consideration of the PSE rules; the market is obligated to take action to provide a fair trading environment and provide information for shareholders about the listed companies for trading in the market. Therefore since PSE is unable to meet its obligations for investors in this company, PSE is compelled to take this decision. The PSE repents delisting PIB listed shares thus hopes for PIB to improvise its situation and advance as soon as possible in order to be enlisted back in the market where it will have to start as a newly listed company Therefore since PSE is unable to meet obligations for investors in this company, PSE is compelled to take this decision. The PSE repents terminating PIB enlisted share thus hopes for PIB to improvise its conditions and advance as soon as possible in order to enlist back in the market where it will have to start from the beginning