RAMALLAH, February 18, 2017 (WAFA) – Shares of Sanad Construction Resources Company, a subsidiary of Palestine Investment Fund, the investment arm of the Palestinian Authority, and owner of Palestine Cement Factory, which is still in the planning phase, will start trading on the Palestine Stock Exchange (PEX) under the symbol SANAD beginning from the Monday trading session, according to a report by Sahem Trading and Investment Company.
It said this will bring the number of PEX listed companies to 49.
SANAD will be listed in the investment sector in the secondary market with paid-up capital of $66 million.
In other stock market news, Sahem said in its trading report for the week between February 12 and 16 that with the end of the legal period granted to listed companies to disclose their preliminary annual financial data for the year 2016, a number of companies have shown profits while others decline in profit compared to the previous year.
Bank of Palestine, the largest bank by market capitalization, announced posting net income of $50.99 million at the end of 2016; up by 18.32% than the year 2015, coinciding with an increase of 28.95% in net interests and commissions.
Arab Palestinian Investment Company, APIC, disclosed net income of $8.27 million in 2016; up by 15.71% than the year 2015.
However, the largest investment company by market capitalization, Palestine Development and Investment Company, PADICO, disclosed net income of $19.01 million at the end of 2016; down by 14.76% than 2015. The drop in profit was attributed to the decrease in the company’s stake from its associates’ profits and the performance of its subsidiaries.
On the other hand and regarding dividends distribution announcements, the board of Birzeit Pharmaceutical Company, BPC, proposed to the general assembly to distribute 20% cash dividends to its shareholders for the year 2016.
The Vegetable Oil Industries Company, VOIC, recommended distributing 60% cash dividends to its shareholders; the Arab Company for Paint Products APC proposed distributing 40% cash dividends;, and the Arab Islamic Bank AIB proposed distributing 12% cash dividends to its shareholders.
On the other hand, the board of Palestine Islamic Bank ISBK proposed raising the bank’s paid-up capital by $6.5 million through distributing 5.6% stocks dividends ($3.5 million) and offering $3 million for secondary subscription, to raise the paid-up capital to $69 million. It also proposed to its general assembly in its next meeting distributing 8.5% cash dividends to the shareholders.