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PADICO elects a new board of directors and pay cash dividends

2007-04-28

PADICO general assembly held their regular meeting on Saturday 28/04/2007, chaired by Mr. Muneeb Rasheed Al Masri; the chairman of the board of directors, and the attendance of members of the board, secretary general, executive director of the company and the auditors.

The 2006 financial reports of PADICO showed that the company’s net profit available for dividends was $ 47.2 million, %59.5 decline from 2005 net profit. This decline was due to the decrease of the earning of the subsidiary companies of PADICO and the return investment in the stock market.

The general assembly approved recommendations of the board of directors to distribute %10 of the face value of the stock ($ 0.1 per share) as cash dividends for the registered shareholders up that date. The total amount of dividends was $ 25 million.

The general assembly elected a new board of directors:

  1. Mr Muneeb Rasheed Al Masri – chairman of the board
  2. Mr Nabeel Ghattas Al Sarraf- vice chair
  3. Mr Sabeeh Taher El Masri
  4. Mr Nidal Muneer Sukhtian
  5. Mr Zahi Eadee’ Khuri
  6. Representative of Al Masira Investment Company
  7. Representative of Palestine for Technology Transfer
  8. Representative of Arab Bank
  9. Representative Of Cairo Amman Bank

 

 

The board of directors reappointed Mr Ziad Muhammed Al Turk as the secretary general of the company and Dr. Faruq Z’etir as the excusive director.

 

Mr. Al Masri announced that the company achieved good profit in the first quarter of 2007 that was around $ 16.2 million.


 

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