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PalTel to be listed in UAE ADSM after Eid Al-Fitr - Palestine  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 18/10/2005

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The shares of Palestine Telecommunications Company (PalTel) will be listed in the United Arab Emirates' Abu Dhabi Securities Market (ADSM), said Monday Paltel's CEO Dr. Abdul-Malek Jaber.

In a statement to Kuwait News Agency (KUNA), Jaber said PALTEL received the listing invitation from ADSM last August, adding that a delegation representing the company had visited ADSM last September to showcase PalTel's worthiness and good record.

He explained that the listing will take place sometime after Eid Al-Fitr (marking the end of the fasting month of Ramadhan) with only 20-30 percent of PalTel's shares.

As it is currently listed in the Palestine Securities Exchange (PSE), Jaber said PalTel's listing in ADSM would make it the first Palestinian company to join one of the gulf's markets.

PalTel commenced operations on January 1, 1997, and its current capital is about USD 160 million.

 






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