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APIC raises its capital through private subscription

2020-12-22

The general assembly GA of the Arab Palestinian Investment Company APIC held an extraordinary meeting on 22/12/2020, whereby, approved issuing 1.20 million shares from APIC’s subscribed capital which reaches $100 million for private subscription to Mrs. Haifa Abu Rudaineh ( the wife of APIC’s board of directors member Mr. Bassam Abu Rudaineh), at an issuance price of $2.69/ per share which is calculated as the stock trading average for the last 28 days (from 22/11/2020 till 21/12/2020) in exchange for APIC’s ownership of Mrs. Haifa’s full stake in Unipal General Trading Company (APIC’s subsidiary). This comes in a two-part transaction: shares exchange and financial allowance, whereby, APIC’s paid-up capital will reach $96.20 million after this issuance. Also, the GA of APIC approved raising its subscribed capital from $100 million to $125 million with a nominal value of $1.00/per share.