Arabsat Income Dips
The General Assembly of the Arab Satellite Telecommunication Company (ARABSAT) met on May 23 in Doha. Al-Hayat newspaper reported that during the meeting, the General Assembly authorized the board of directors to undertake the necessary procedures to establish a new subsidiary under the company's umbrella. Other issues discussed included distribution of dividends to the member states and the option of raising the company's capital.
According to ARABSAT's charter, the General Assembly consists of the communications ministers in the Arab member states or their representatives. The assembly is the main organ of ARABSAT by virtue of its power.
ARABSAT posted a net operating income of more than $53 million in 1999, compared to $88.75 million in 1998. The value of the company's debts, including both short- and long-term liabilities, totaled $277.61 million by the end of 1999, compared to $211.92 million by the end of 1998.
© 2000 Mena Report (www.menareport.com)