PLAZA, the Arab Palestinian Shopping Centers (APSC) company, a subsidiary of the Arab Palestinian Investment Company (APIC), has concluded its first ordinary general assembly meeting in Ramallah by approving year 2000 financial statements.
With the Palestinian economy bearing heavy losses and per capita income considerably dropping since the start of the Israeli closure on Palestinian areas last September, APSC board nonetheless re-confirmed their commitment to open for business in the first quarter of 2002.
APSC’s mission is to establish and operate the first national chain of modern shopping centers in Palestine. With investment estimated at $9.2 million, APSC is preparing for the grand opening of its first shopping center in Al-Birah. The American-style shopping plaza, currently in its final phase of construction, is the first of five that the company plans to establish in Palestinian cities
On behalf of the board of directors, Chairman Khalid Osaily stated, "The extraordinary economic and political environment that followed our public listing, which was on September 28, 2000—the exact same day Ariel Sharon visited Al-Aqsa Compound in the Old City of Jerusalem and sparked the current Intifada—is clearly the most difficult in the history of the contemporary Palestinian struggle for independence and statehood. Thus, it is understood that we have been and will continue to be negatively affected by these developments."
Despite continuing Israeli closures on all Palestinian cities, PLAZA General Manager Sam Bahur, confirmed that 91.4 percent of the 4.5 million shares were represented at the meeting. The firm is listed on the Palestine Securities Exchange under the symbol PLAZA. Its shares last closed at 0.91 Jordanian dinars ($1.267). — (Mena Report)
© 2001 Mena Report (www.menareport.com)
