Amman-- Atlas Investment Group (Atlas), a leading investment banking firm with regional operations, announced today that it would join forces with Auerbach Grayson & Company, Inc. of New York to facilitate international access to the Palestine Securities Exchange (PSE).
"Atlas' move to join the worldwide Auerbach Grayson Network of brokerage partners marks a step into virgin territory," according to Atlas managing director Omar M. Masri. "While we're still in the initial stages, this is a key stride towards true global integration for the PSE, which we're confident will boom once there is peace in the region."
Located in Nablus, the PSE was founded in 1997 and currently lists 25 companies. Atlas, with headquarters in Amman, conducts securities business in Palestine through its affiliate, Target Securities & Investment Company. The Auerbach Grayson Network of brokerage partners provides international research, trade execution and settlement services for US institutional investment firms. Based in New York, Auerbach Grayson was founded in 1993 and has access to more than 700 securities analysts in 79 different countries.
"We are very pleased to welcome Atlas Investment Group to the Auerbach Grayson Network," David S. Grayson, managing director, said in a statement. "The Palestine capital market has great potential, and our relationship with Atlas will create an important connection for Palestine with the US investment community and Auerbach Grayson's brokerage firm partners around the world."
"Joining the Auerbach Grayson Network will be of great benefit to the Palestine Securities Exchange at this early stage in the development of the Palestinian capital market," commented Masri. "Atlas looks forward to building a strong and permanent relationship."
The 25 companies listed on the Palestine Securities Exchange encompass such industries as banking, insurance, pharmaceuticals, telecommunications and utilities. Trading is electronic and takes place Sunday through Thursday, from 9.30 am to 12 noon, local time. Leading companies on the exchange include: Palestine Telecommunications Co. (symbol: PALTEL), Palestine Development & Investment Co. (PADICO), Arab Islamic Bank (AIB), Palestine Real Estate Investment Co. (PRICO), Al Quds Bank for Development and Investment (QUDS), Gaza Ahliea Insurance Co. (GAIC), Jerusalem Cigarette Co. (JCC) and the Palestine Investment Bank (PIBC).
Atlas (Internet site http://www.atlasinvest.net/) was established in 1996 as the first independent investment banking firm in Palestine and Jordan. Atlas has pioneered integrated investment banking services in these markets, including corporate finance, asset management and brokerage. The group's equity partnerships with the region's leading investment banking firms provide a rich regional network to better serve Atlas' clients.
Auerbach Grayson has pioneered the opening up of emerging and "frontier" markets to US institutional investors. It maintains broker partners in countries such as the Ivory Coast, Egypt, Russia, South Africa and Morocco. The firm also maintains partnerships in the major capital markets such as Frankfurt, Hong Kong, London, Paris and Singapore.
Auerbach Grayson and Company Inc. (Internet site http://www.agco.com/) was founded in 1993. Nelson's Investment Research ranks Auerbach Grayson the ninth largest global broker in terms of the number of company research reports produced. Through the resources of its worldwide network, the firm has built an exclusive database of more than 28,000 research reports collected from 730 analysts, and updated on a daily basis. The reports are available on Auerbach Grayson Global Express, the firm's Internet site at www.agco.com
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For more information please contact:
Wajdi Makhamreh
Phone: (962-6) 565-6078
Fax: (962-6) 565-6079
Mobile : (962-79) 556-760
Maria-Gabriella Khoury
Phone: (962-6) 562-3963
Fax: (962-6) 566-4098
Atlas Investment Group
P.O.Box 143156
Amman 11814 - Jordan
Tel: 962-6-5623963
Fax: 962-6-5664098
Email: research@atlasinvest.net
Website: www.atlasinvest.net
© Press Release 2006
