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"APIC" plans to increase its capital through public subscription and to be listed before the end of the year

2010-05-10

Arab Palestinian Investment Company “APIC” is preparing to be listed in Palestine Securities Exchange in the last quarter of this year, preceded by an increase of the company"s paid up capital through a public subscription. Al Aqqad said: we have not decided yet the amount of the increase, but i expect to be raised from $42 million to 50-55 million dollars, to be met by public subscription, through offering new shares at par value (one dollar) in addition to an issuance premium that will be determined in order to achieve balance between the interests of existing shareholders on the one hand, and the aspirations of the new subscribers. On the other hand, Al Aqqad said: “Lotus” for financial investments has been assigned as a local consultant, and “Ithmar” as a regional consultant to manage the new issuance in the company"s shares. We expect to finish this process and listing the shares of the company in Palestine Securities Exchange by the fourth quarter of this year. He said: The plans to list the company’s shares in the Stock Exchange Palestine are moving forward in spite of all the circumstances. He said: There are companies that are excellent in the local stock market, but the problem is in the general situation in the country. Sometimes, the share falls or rises without a reason, and this is one of the fears we have, however we took the decision of listing under any circumstances. Our duty is to improve the results of the company, as for the share’s price is not our mission, and is determined by the supply and demand. Arab Palestinian Investment Company “APIC” was established before about 15 years and contributes to it a group of Palestinians and Arabs investors, most notably: Al Aqqad for investment, the Palestinian Investment Fund, and the two Saudi groups of “Al Olyan” and “Al Amoudi”, and Saudi Prince Alwaleed bin Talal, and the Palestinian business men Hasib Sabbagh (died last year) and Said Khoury.