send to a friend by email

Palestine Securities Exchange Company announces its listing in the PEX for trading on early of next April

2012-03-19

Mr. Ahmed Aweida, the CEO of Palestine Stock Exchange PEX announced that the shares of the Palestine Securities Exchange Company will be listed for trading in the PEX on Wednesday, the fourth of April 2012, through a special ceremony that will be hosted in Ramallah, coinciding with the 15 years anniversary of initiating trading in the Palestinian stock market. This is the first listing of the current year, whereby will increase the number of companies that are listed on the PEX into 47 companies with a market value exceed $2.8 billion.

Aweida stressed out that the listing and trading of shares of the Palestine Securities Exchange Company is not a “spur of the moment” decision, saying: "We believe it is time to turn the page and open a new one in this regard". He said that the listing is consistent with the Securities Law No. (12) for the year 2004, and represents the completion of compatibility and harmony with the principles of good governance and structure modification of the company’s ownership and expanding the base of owners and participants. He added that the listing allows the fair valuation of the company"s shares and achieves other advantages of listing. He added that the market is always seeking to be a role model among public shareholding companies.

Aweida added that listing will be in accordance with applicable laws and instructions of the Capital Market Authority, and based on regulations and instructions and procedures applied in the stock market, pointing out that this move came to confirm the story of challenge and success represented by the Palestinian stock market. He said: "This is an exceptional long-awaited occasion that we have sought for, we had hoped to be in better conditions, but the time has come, especially after the company’s transformation to a public shareholding since February 2010". He pointed out that the Palestine Securities Exchange is the second Arab financial market that is traded, after the Dubai Financial Market, and is the only Arab stock market that is owned by the private sector.

Aweida  assured that the stock market constitute the gate for investment attraction for the Palestinian economy, and will continue to be distinguished among the national level and also compete at regional and international levels, noting that the efforts are continuing to promote the investment environment, locally and abroad to attract the attention of individual investors, funds and institutional investors, and will continue to work to develop systems of disclosure and surveillance and the application of the rules of modern governance. He expressed his hope that this step to be as a message of confidence to investors everywhere, and to serve as a catalyst for the rest of unlisted public shareholding companies and private companies to move towards the transition to and listing, due to what it represents of importance and supreme interest whether to these companies or the stock exchange and the national economy as a whole.

It should be noted that the Palestine Securities Exchange Public Shareholding Co., Ltd. "Palestine Exchange", was founded in 1995 at an initiative of "PADICO Holding", while holding the first trading session was on February 18, 1997. The paid up capital of the company"s reached $10 million and it is registered with the Companies Controller, Ministry of National Economy, for the management and organization of the securities market in Palestine under the Securities Law No. (12) for the year 2004, and operates as a stock market for securities rading as well as providing settlement and clearance services through the he Clearing, Depository and Settlement Center (CDS).