The Palestine Exchange concludes second investment road show to London, UK
- Palestine: Saturday, July 02 - 2011 at 12:54
- PRESS RELEASE
The Palestine Exchange (PEX) concluded its second road show to London on 23-24 June 2011. Mr. Ahmad Aweidah, Chief Executive Officer of PEX headed the Palestinian delegation of four leading listed companies; Palestine Telecommunications (PALTEL), PADICO Holding, Bank of Palestine and Wataniya Palestine Mobile, in addition to Dr. Mohammad Mustafa, Economic Advisor of President Mahmoud Abbas and Chairman of the Palestinian Investment Fund, CEO of the Palestine Capital Markets Authority, and Rasmala Palestine Equity Fund.
London Stock Exchange (LSE) hosted the Palestine Capital Markets Day on 24 June 2011. The occasion was marked with the opening of the London Stock Exchange Markets by Mr Ahmad Aweidah, CEO of the Palestine Exchange and Mr. Ammar Aker, CEO of Paltel Group (Sponsors). The Lord Mayor of the City of London, Alderman Michael Bear and Dr. Mohammad Mustafa, Economic Advisor to president Mahmoud Abbas also attended the ceremony together with senior representatives from LSE & the Palestinian delegation.
On the sidelines of the road show activities, PADICO holding signed a memorandum of understanding on issuing the first Palestinian Global Depository Receipts (GDR) with the Bank of New York Mellon.
Aweidah expressed his satisfaction from the level of interest expressed by the investment community in London. "Being for the second time in London and the fact that London is the world's financial hub can be a very important channel in steering investment flows into Palestinian listed stocks. PEX plans to conduct an annual event in London especially now that PEX has proven to be a robust Exchange among its emerging markets peers." Aweidah confirmed.
"Our event comes at a very opportunistic time when our exchange presents both strong returns on investment and attractive valuations. Indeed so far this year the Palestinian Al-Quds Index remains the best performing among Arab exchanges and we therefore continue to represent untapped investment potential." Aweidah concluded.
Ammar Aker, CEO of Paltel Group said: "We at the Paltel Group are very happy with our listing at the Palestine Exchange. The exchange in 2010 was the most rewarding in terms of return on investment averaging 13.6%; with distributed dividends exceeding $152m. Paltel Group contributed $74.26m to these dividends, a ratio of 49%. We will continue to lead with our innovation and positive outlook for the future. Our free float of 51.9% allows more investors to seriously come into our market and own our stock.
Once they own our stock, they can be part of our promise. While maintaining our gains from 2010 our strategy will focus on additional diversification of our revenue streams from data communications, while developing our backbone for more content channeling in the fixed line operations. For our mobile operations, the future is in 3G technology, and multimedia applications, we are certainly determined to use these new platforms to increase our market share and benefit from the good remaining penetration rate.
We see growth indicators in all our operations for 2012 and certainly will channel this growth back to our investors in our consistent dividends policy.
The second PEX road show to London was organized in partnership with Paltel Group (Sponsors) and is in line with the strategic outlook of PEX to attract local, regional and international investors into the Palestinian stock market.
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