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Listing “Wataniya Mobile" in the summer and plans to list "Amaar Holding Group" and “Palestinian Commercial Services Company" next year

2010-05-05

Dr. Mohammad Mustafa the Chairman of the Board and Chief Executive of the Palestinian Investment Fund announced yesterday that the Board of Directors of the Fund has taken a decision to list part of “Amaar Holding Group” shares; the investment arm of the Fund in real estate sector. The capital of the Amaar is 220 million dollars, which is owned currently by the fund of %100. Mustafa said: " Amaar " has a huge investment plan, and the shares will be offered gradually in stages. Regarding “Palestinian Commercial Services Company"; the main importer of cement in the Palestinian territories, among other activities, Mustafa said : There is no decision yet, but there is a recommendation to list part of its shares in the market next year, we have begun the preparation of preliminary studies in this regard”. Also, it is expected this year to list shares of the Arab Palestinian Development and Investment Company “APIC", in which the Fund is the second-largest shareholder. Mustafa expected to offer 30% of “Wataniya Mobile” for public subscription by the public soon, in preparation for listing in the Palestine Securities Exchange by next summer. He said: the IPO managers will announce soon, the next steps and the date of the IPO, noting that the company along with four local, regional and global banks, are managing the issuance of “Wataniya Mobile”, namely: HSBC, and Bank of Palestine, Arab Bank, Qatar National Bank.