Dec 27 2011
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Palestine Telecommunications stock (PalTel) has Joined Leading Regional Membership Indices at the Standard & Poor's Index (S&P-AFE40) & the Dow Jones Index (Dow Jones-FEAS 50)
Ammar Aker; CEO of Paltel Group commented on the news in a press conference yesterday hosted in the city of Ramallah and said; "We are proud that the company's shares are now members on two leading international/regional indices, both of which are critical platforms to inform international investors that not only do we have a successfully managed telecom company in local standards; but with such a membership; we are getting an independent proof point from leading indices that our company's performance is at par with regional peers listed on these important indices." Mr. Aker added; "Our dual membership on Standard and Poor's Index and on the Dow Jones Federation of Euro-Asian Stock Exchange (FEAS) Blue Chips Index is both a reflection of the solid financial performance of our company with demonstrated high financial returns.
"We are also very elated that we have met the different criteria needed for such memberships at par with all of our peers, in areas of trading volume and free float. We have more than 56% in free float, well in line with international standards as well. Our stock has also passed the exam of active turnover for such memberships, as we continue to represent 35% of the total market capitalization of the Palestine Exchange. When we look at the list of the peer stocks listed from within the greater Arab region, we are confident that we have employed both good management practice, foresight and aggressive forward looking strategies to become where we are now both at home and in our new index membership abroad," concluded Mr. Aker.
It is worth mentioning that the index "S & P" (S & P-AFE 40), consists of the largest forty listed companies between Arab stock exchanges in terms of size and liquidity, so that not less than the value of the stock is traded at home in the index for $ 50 million over 12 months. The distribution companies to be included on the index, "Standard & Poor's" on a number of member exchanges in the Union are the following: UAE, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia and Tunisia. This will be an important benchmark index for investors by providing the best standards and economic trends in the region in line with the movement of international standards.
Palestinian Telecommunication Company PSC (" Paltel ") is an integrated telecom operator offering fixed, mobile, Internet and data services throughout The Palestinian Territories. Paltel is publicly listed on the Palestinian Exchange (PEX). In addition to the fixed line operations, Paltel fully owns Jawwal (Mobile Operator), Reach (Call Center), Palmedia (Information and Media Services Provider), Hulul (Business Solutions Provider) and Hadara (ISP Services). Paltel also owns a 25% stake in Vtel Holdings a Dubai-based multinational telecommunications company with interests in Middle East, Asia and Europe. As of the third quarter for 2011, Jawwal has roughly 2.4 million subscribers, Paltel has 385,000 subscribers and 147,000 ADSL subscribers. For more information, please visit http://www.paltelgroup.ps
Ms. Neda Morrar
Director of International Corporate Communications, Paltel Group
© Press Release 2012
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