Arab Palestinian Investment Company (APIC) held its extraordinary general assembly on Wednesday, September 19, 2018, in Ramallah, Palestine. The meeting, which was chaired by APIC Chairman and CEO Tarek Aggad, was attended by members of the company’s board of directors, the companies’ registrar, representatives from the Palestine Capital Market Authority, APIC’s legal counsel and numerous shareholders.
The extraordinary general assembly ratified the issuance of seven million shares of APIC’s authorized capital of USD 100 million in a private placement to Dr. Walid Kayyali in exchange for acquiring Dr. Kayyali’s entire 50 percent stake in APIC’s subsidiary Medical Supplies and Services Company Ltd. (MSS), making it wholly owned by APIC, in a share swap agreement. Following the private placement of seven million shares, APIC’s paid-in capital will be USD 82 million.
