On the Eve of the Fourth Annual Palestinian Capital Market Forum - Palestine Exchange Braces for Another Good Year of ResultsBy The Palestine Exchange, PRNE
Sunday, November 7, 2010
Second Mobile and First Regional Operator to List on Exchange early 2011
RAMALLAH, Palestine, November 8, 2010 - The Palestine Exchange (www.pex.ps) revealed its
positive outlook for the remaining quarter of the year ahead of key new
listings and post positive Q3 results for most of its listed companies. This
outlook was expressed by the Exchange's CEO on the eve of the Fourth Annual
Palestinian Capital Market Forum to be held in Ramallah on the West Bank this
Tuesday, 9 November 2010.
The Palestine Exchange will be soon listing its second mobile
stock and its first regional telecom operator after the IPO of Wataniya
Mobile is launched on November 7th expecting to end on December 2nd, 2010.
The IPO will offer 38.7 million shares to the public; representing 15% of the
authorized capital of the company. The IPO is expected to raise USD$50.31
million at USD$1.3/share.
"The listing of Wataniya Mobile is not only a sign of
confidence in the Palestinian economy, but an additional proof point of the
interest local and regional companies have in listing at the Palestine
Exchange, as a sound and safe vehicle for capitalization and financial
intermediation among small, medium and large scale businesses," said Ahmad
Aweidah, CEO of the Palestine Exchange. "We are bracing ourselves for more
public listings of local, and even international commercial entities, more
businesses in the local market place are convinced that the next step for
growth, modernization and financing is attained by listing in the Exchange.
We are proud to grow every year by such new listings, however we are equally
happy to have existing listed companies remain more attentive to their stocks
at our exchange in Palestine which is being increasingly viewed as an
attractive hub in comparison to other markets," added Mr. Aweidah.
It is worth noting that Paltel the blue chip company with the
leading market cap (39%) on the Palestine Exchange delisted from the Abu
Dhabi exchange and transferred ownership of such stock to its general stock
listed on the Palestine Exchange. "Our performance is being noticed locally
and regionally, we are managing to attract some leading international and
MENA specialized funds to the market, we will continue to adhere to the same
principles and international rules of engagement that have kept us ahead of
some of our peers and immune to the turbulence around us," said Ahmad
The Q3 2010 financial results of listed companies were an
additional indication at the viable investment opportunities being offered to
investors through the exchange. Out of 39 listed companies 31 companies
disclosed positive financial results. More listed companies are in turn
increasing their authorized capital to allow for expansion, while other
financial institutions are discussing mergers in order to achieve synergies
and market growth in a very competitive environment for the banking sector.
The Palestine Exchange remains the first doorstep to a Palestine of
The Forum has managed to attract Palestine's leading listed
companies; Palestine Development & Investment Company (PADICO HOLDING) and
Paltel Group (PALTEL) as its diamond sponsors; in addition to a silver
sponsorship from international Financial Advisory firm Ernst & Young. The
Exchange has also chosen PR NEWSWIRE and Ellam Tam as its exclusive media
sponsor to cover all Forum activities.
For more information on the Palestine Exchange visit:
For more information on the Fourth Annual Capital Market Forum
in Palestine visit: www.pex.ps/forum
For media inquiries contact: Fida' Musleh Azar, Head of Public Relations & Investor Education, Tel: +970(or 972)2-2403903, Mobile: +970(or 972)599-828-608, Email: fida.azar at pex.ps, www.pex.ps; Ola Sawaftah Abu Rub, Media Monitoring Supervisor, Tel: +970 or (972)2-2-2409105/7, E-mail:ola at ellamtam.com, Website: www.ellamtam.com
Tags: November 8, Palestine, Ramallah, The Palestine Exchange