The Palestine Telecommunication Company (Paltel) signed an agreement on Sunday to have its shares listed on the Abu Dhabi Securities Market (ADSM). Under the agreement, which was endorsed by the UAE Securities and Commodities Authority and the Palestine Capital Markets Authority, Palestinian shareholders are permitted to trade 30 percent of the total shares on ADSM after submitting an application to ADSM via brokers.
Chairman of the Board of Paltel, Said Sabieh Al Masri, told reporters that “The agreement mirrors the success of Paltel as a modern company that is capable of expanding its reach beyond the borders of Palestine by adopting a clear vision and providing distinguished services to its customers."
He added that "This listing provides a golden opportunity for shareholders of different Arab nationalities,” reported the Emirates News Agency, WAM.
Masri also stressed that the agreement was significant not only for Paltel but for the Palestinian people as well. “It will also have an impact on the local Palestinian investment and the growing market."
Chairman of Palestine Securities Exchange, Dr. Rami Hamdallah, a signatory of the agreement along with Masri, made mention of the fact that Paltel is a major player at Palestine Securities Exchange and the new listing would help to attract investors from the GCC and other Arab countries to Palestine.
Chairman of the Capital Markets Authority (CMA), Dr. Atef Allawneh, stressed that the CMA would ensure that the best market practices possible would be upheld under the agreement.
The Palestine Securities Exchange, according to Allawaneh, is one of the fast growing securities exchange markets in the Arab world, ensuring transparency in all its dealings.
The agreement was signed by Sabieh Al Masri, Dr. Atef Allawneh, Dr. Rami Hamdallah, Harib Al Darmaki Chairman of the Board of Directors of ADSM, Abdullah Al Tareefe, Chairman of UAE Securities and Commodities Authority, Moneeb Al-Masri, Chairman of the Palestine Development and Investment Ltd. (PADICO) and Nizar Al Obaidly, Director General of ADSM.
Paltel commenced operations on January 1, 1997 with paid capital of JD 45 million, which further increased in 1999 to JD 67.5 million ($95 million). Paltel is a public shareholding company listed on the Palestine Securities Exchange. Its shareholders include a range of institutional and individual investors.
© 2005 Mena Report (www.menareport.com )