The General Assembly of the Arab Palestinian Investment Company- “APIC” in its annual meeting held on 29 April 2014 approved the distribution of 9,990,602 as free stocks to its shareholders –representing 19.98% of APIC’s paid-up capital- as per earlier Board of Directors recommendation, raising the Company’s paid-up capital to USD 60 million.
Mr. Tarek Aggad, Chairman and CEO of APIC stated that APIC achieved a record net profit in 2013 of USD 7,916 million, a growth of 93 percent over 2012 net profit of USD 4,095 million. It also achieved revenue growth of 20.5 percent versus 2012 with overall revenues exceeding USD 444 million. Mr. Aggad confirmed that APICis determined to achieve steady profitability growth in the years to come.
Mr. Aggad said:
“This achievement is realized despite political and economic challenges in Palestine because of the Israeli occupation. We are strongly committed to building and enhancing investment environment in Palestine through our group of subsidiaries operating across industrial, services and distribution sectors. A milestone we are also proud of is listing APIC’s shares on the Palestine Stock Exchange (PEX) on 2 March 2014, contributing to the development of the Palestinian market and economy. This listing will also contribute to expanding our shareholder’s base, provide further avenues for growth as well as offer our respected shareholders the flexibility to release some of the value of their respective investment”.
The Arab Palestinian Investment Company- “APIC” was founded by a number of Arab and Palestinian businessmen aiming at steering investments towards Palestine that ultimately contribute to building a viable Palestinian economy.
APIC was established as a private shareholding company in September 1994 and was registered in the British Virgins Island. It transformed into a public shareholding company in 2013 and was listed on the Palestine Exchange on 2 March 2014 responding to principles of transparency and good governance. APIC paid-up capital is USD 60 million.
APIC owns a group of nine subsidiaries operating across industrial, services, and distribution sectors with a presence in Palestine, Jordan, Saudi Arabia, Gabon, and Cameroon. For more information about APIC, please visit our website:www.apic.ps