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2007-06-25
The Public Authority of (ARE) rejects the Administration Boards recommendation to distribute cash profits
The Arab Real Estate Est. Co. (ARE) public authority held its annual meeting on 23/06/2007 to discuss the company’s results for the financial year of 2006 since the 09/06/2007 annual meeting was delayed due to the lack of quorum for the meeting. The Public Authority approved the agreement signed between the Real Estate Company and the Arab Insurance Company stating that 375 thousand dinar be paid to the Arab Insurance Co.; reflecting the company’s financial statements for the year 2007.But the Public Authority did not approve the department’s previous recommendation to distribute 5% cash dividends of the capital gain. One of the Administration Board members explained that after the reversing of 375000 dinar, the rights of shareholder’s net profit will slightly be reduced from the capital which makes the distribution of profits impossible. However, including the Arab Real Estate Est. Company’s meeting, 32 out of 35 companies held or will hold the same meeting. The Arab Insurance Establishment Co. scheduled its meeting on 30/06/2007; the Arab Investors Co. will hold its meeting on 02/07/2007.The PSE records indicates that 3 out of 35 listed companies did not specify dates for their meetings. They are as follows: Commercial Bank of Palestine, Al Quds Bank for Development and Investment, and Palestinian Company for Distribution & Logistics Services.
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