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Paltel announces cash dividends distribution of 0.40 JD per share amounting to approximately
52,650,000 million Jordanian Dinars USD $ 74,259,520million
Extraordinary General Assembly cancelled awaiting PNA approval of the deal with Global Telecom Leader Zain of Kuwait
The Palestine Telecommunications Company (Paltel) convened its ordinary General Assembly yesterday in Jericho Palestine. Shareholders approved the company’s management and financial reports. The General Assembly also re-elected Ernst Young as the company’s external auditors for 2009. The General Assembly also decided to distribute cash dividends to shareholders for the year 2008 in the amount of JD( 0.40 ) per share amounting to JD 52,650,000 million.
In his report to the shareholders the company’s Chairman of the Board Mr. Sabih Masri thanked shareholders for their confidence and praised the executive management and company staff for their relentless efforts to preserve the company’s service and financial leadership in a very strenuous economic and political landscape. “We remain committed to our economic and social development roles in Palestine while maintaining steady growth and rewarding our shareholders with sustained profits”, added Mr. Masri in his address to the quorum. “We will serve our customers without any boundaries because we care for all our stakeholders”, was a message reiterated by Mr. Masri in his management report to the shareholders.
According to the 2008 financial statements Paltel has achieved a 24.8 % growth in its operating profits reaching 98.8 million JDs compared with 79.2 million JDs in 2007. Consolidated revenues reached a total of 291 million JDs, achieving a 28.7% growth in revenue compared to last year. The company’s net profit increased by 36% to 89.2 million JDs from a 65.5 million JDs in 2007. The company’s increased profits and growth is attributed to the growth in subscribers for the mobile operator
Jawwal which recorded a 1,400,000 subscriber base by end of 2008. Additionally; growth in the fixed line subscribers base reached 357,000 while growth in ADSL subscriptions reached 72,518 customers contributing positively to the company’s revenue growth in 2008.
The Board of Directors recommendation to the General Assembly to distribute a 40 % of the shares par value of JD 52,650,000 as cash dividends was approved; therefore committing the company to profit distribution of approximately USD$ 74,259,520 million. The company has once more responded to demands by shareholders to distribute fair dividends said Dr. Abdul Malik Al Jaber, the Company; Vice Chairman. “We are committed to our shareholders, our customers and our employees that is our brand promise and corporate slogan for this year, we hope to continue to grow, diversify and improve for their sake first and foremost” The Chairman Mr. Sabih Al Masri explained that the reason for canceling the extraordinary General Assembly was due to the company not receiving the required approval for the deal by the government. The Chairman reassured the shareholders that the strategic partnership deal with Zain will be presented in a specially convened extraordinary General Assembly after we receive the required official approvals. The Vice Chairman Dr. Al Jaber added that we had expected to obtain the necessary approvals today but it seems the government needed more time to give us the required approvals. We are obligated by our license to obtain the government approval of such a deal and as such we have to wait to get it and once we do, we shall reconvene an extraordinary General Assembly for the purposes of disclosing the deal to our shareholders; we are certain that the strategic partnership deal with Zain will preserve shareholders rights. In a meeting before the General Assembly the Board of Directors approved the resignation of the CEO Dr. Abdul Malik Al Jaber and appointed Mr. Kamal Abu Khadijeh current VP for Finance as acting CEO. Dr. Al Jaber remains as Vice Chairman of the Board. The Board also approved releasing the Paltel Stock for trading next week. In his salute to the outgoing CEO, the Chairman said “we owe all our success, achievements to the efforts of Dr. Al Jaber and his management team”.