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The CEO of PALTEL group to Al-Ayyam: PALTEL started buying leading companies' shares, and discloses its third quarter financial results today

2008-10-20

Dr.Abdelmalik Aljabir the CEO of PALTEL group announced that the company actually started buying shares from the listed companies in Palestine securities exchange, within the amount that had been pledged to be invested in the companies" shares that have a good financials and performance. Aljabir clarified to the newspaper that the amount that PALTEL had pledged which is JD 20 million is a small portion from the available liquid cash in PALTEL group and represents less than %20 from the available liquidity. The CEO considered that the allowance came accordant to PALTEL"s status as one of the most prominent elements in the national economy, in addition to carrying out its national duty toward transmission the confidence spirit in the financial market which in its turn is enriched with the existing of companies that their shares market value became less than their book value, which represents serious investment opportunities.  Aljabir noted to the studied investing policy that the company is implementing from 15 years, clearing that PALTEL had considered the targeted companies" performance and its financial results in pledging the allowance decision. Also he mentioned that the board of directors of the company will disclose today during its meeting the financial results of the group for the third quarter of the current year, which will reflect the good financial position of PALTEL that is distinguished with self-financing and totally debt free and he assured PALTEL"s shareholders that there is no reason for fears regarding the effects of the financial crisis on Arab and regional stock markets.