AMMAN (JT) - Chairman of the board of directors at the Jordan Press Foundation (JPF) Fahed Fanek on Thursday announced that he was quitting his post as the foundation announced plans to raise its capital.
Fanek announced his resignation, which will take effect at the end of the month, during a JPF general assembly ordinary session on Thursday.
At the meeting, the assembly endorsed the 2010 financial statements and agreed to distribute 60 per cent as cash dividend among shareholders of the JPF, which publishes Al Rai, The Jordan Times and Hatem children's magazine.
Meanwhile, the shareholders postponed for 10 days the JPF's extraordinary meeting to discuss a recommendation by the board of directors to increase the company's capital from JD7.5 million to JD10 million.
The assembly endorsed all 2010 financial statements with a reservation raised by several shareholders on some articles especially those concerning the allocations for the board of directors.
The meeting took place as a group of JPF employees staged a protest demanding improved salaries, fringe benefits and the dismissal of the management. The demands also included improving press freedoms at Jordan's leading daily, Al Rai.
During the meeting, Fanek, a renowned columnist and commentator, said the protesters' demands were being looked into by the JPF's main shareholder, the Social Security Corporation, which owns 55 per cent of the shares and which "has the final say on the issue".
"They did not take any decision nor did they allow us to deal with the situation," he said. "There is no need to continue. I am quitting at the end of the month."
Fanek said although he was quitting as chairman, he will continue to write his daily column for Al Rai. The veteran economic analyst also writes a weekly column for The Jordan Times.
"Maybe then I might join the protesters," he said.
Before that he explained that the JPF will increase its capital through the subscription of the shares of shareholders to be priced at JD6.
He said that the JPF generated JD5.724 million in net profit in 2010 compared with the JD5.053 million earned in 2009.
© Jordan Times 2011
