Ramallah- Ahmad Abu Alya- Paltel Group Public relations

The General Assembly at Paltel will hold its shareholders ordinary and extraordinary meeting at the Ramallah Cultural Palace hall in Ramallah City and the Commodore hotel in Gaza City on March 25, 2006. At the meeting, the administrative and the financial statements for the fiscal year ended December 31, 2005 will be discussed. 

 

At the meeting, the General Assembly will decide on the issue of the Election of the Board of Statutory Auditors and that new auditors will be elected for the year 2006. At the end of the meeting, the General Assembly will pass its recommendations to distribute dividends of the year 2005 for the different shareholders. Mr. Sabih AlMasri, Paltel Group Baord Chairman said that the achievements and the noticeable growth of Paltel for the past ten years marked the quality leap in Paltel’s performance. Paltel managed to penetrate through the international markets. Paltel is the first Palestinian company to enroll in the Abu Dhabi Stock Market. For the profit and shareholders rights, Paltel achieved a lot of additional profits through its operational activities in Palestine, the region and the international markets reaching up to Jordanian Diners 70 millions with a 84% increase in net income compared to 2004. The General Assembly recommendations will be as follows: increase the company’s authorized capital from 101.250 million shares to 170 million shares and distribute 20% of the company’s capital cost, 40% free shares for the nominal share value in addition to JD3 bonus keeping 8 million shares at the treasury. Al Masri expressed his happiness for the achievements Paltel managed to get to. Paltel Group is considered one of the most successful Arab companies according to international criteria for evaluation. He thanked Paltel Group cadre for the continuous and perseverance efforts. In his part, Dr. Abdul Malik AlJaber spoke about Paltel Group achievements and the challenge it faced under the tough circumstances. He added that the Israeli occupation is putting obstacles and closing the doors in our faces. The Israeli companies illegal competition makes us stand strong to face them. Despite all this we managed to enter the international markets and compete with big companies. Many international companies from the Middle East, Africa and Ex-Soviet union countries offered to join Paltel as strategic partners. The year 2005 was a fruitful one. Paltel was listed in Abu Dhabi Stock market. Two new companies were established Palmedia in the field of advertising and Hadara in the field of technologies and internet services. We strive to provide the Palestinian Community with the best quality services in the technological field.

Dr. Abdul Malik AlJaber added that Paltel Group cares about its relations with the investors and therefore created a new department for investors relations.

 

Dr. AlJaber stressed that Paltel welcomes any new national competitor to the market with a condition that this competitor is not an agent for an Israeli company. He said that we now compete with four Israeli companies and do not want o increase the number to five. We however welcome any other national competitor to the market.

 

AlJaber assured that he is confident that Paltel Group will manage to continue achieving high levels of profits noting that Paltel is achieving exponential profits each year. Paltel share is considered the strongest in the area with its revenues and investments. He added that during the meeting, the General Assembly will disclose information on Paltel’s performance during the past two months. In addition, the Assembly will disclose its financial data for the first quarter of 2006 that is expected to exceed 25% of the budget. AlJaber also thanked the employees of the Paltel group different companies (Paltel, Jawwal, Hadara and Palmedia).

 

It is worth mentioning that the annual report for the Paltel Group companies (Paltel, Jawwal, Hadara and Palmedia) will demonstrate the important activities and achievements that the Group achieved through out the year 2005. In addition it will highlight the campaigns it launched. There will be a special report on the Social Responsibility Fund that was established in 2005. The fund has achieved a lot of activities within the Palestinian community. The slogan of the fund was to serve all the Palestinian people. It offered many scholarships, equipped a medical hospital, funded artistic books, public garden, supported dancing groups, donated computer sets in addition to starting Ammar Ya Balad project that helped many Palestinian families who live under tough conditions.