Ramallah, Mr. Sabih AlMasri, Paltel Group Board Chairmsn declared that Paltel Board of Directors recommended to the General Assembly to increase the Company’s capital from JD 101,25 to JD 170 millions through distributing free of charge 20% of the capital cost and 40% of the nominal value per share cost in addition to 3 JDs bonus. Paltel is keeping eight million shares at the treasury as per the Palestinian Security Exchange Market regulations.

 

Paltel Board of Directors held a meeting yesterday in Amman to discuss the annual financial statement for the previous year that ended on December 31, 2005. The meeting also reviewed the company’s different plans to work at the regional and neighboring markets, in addition to ratifying the council’s recommendations to the General Assembly. 

 

On the financial results, Paltel has achieved additional profits out of its operational activities in Palestine, at the regional and international levels of about JD 70 millions. Paltel’s net profit climbed up to 83% for 2005 compared to the 2004 financial year. On the regional level, Mr. AlMasri declared the establishment of a new company for investment in the United Arab Emirates with a declared capital cost of US$ 1 billion with Paltel Group owning US$ 300 millions. AlMasri added that this company will represent the investment umbrella for the Group and its allies in the regional and international markets. He added that many special studies were conducted on the company, its formation, its philosophy and its goals. During the first quarter of this year, the launching of the company will be announced and strategic partners will be partnering from the Arab Gulf countries and international investments parties that we are still negotiating with.

 

He noted that he is proud for the success that was achieved by Paltel Group that is considered one of the best Arab companies with regards to achievements according to the international standards despite all the difficulties and challenges it faces like lack of adequate resources like the needed waves and the confiscation of equipments and the illegal competition by the Israeli companies in the Palestinian Market. AlMasri thanked Paltel cadre and employees for their distinguished performance. He also thanked the Palestinian National Authority represented by the Government and Minister of Telecommunications for their support to overcome the obstacles that face the company. He also declared that the company will proceed with implementing their plans in the Palestinian market. It will also continue to support the Palestinian institutions and all Palestinian Community in appreciation to their stood-fastness on their land that represent a model of giving to the whole world.