RAMALLAH, Palestine (PRNewswire)
The Palestine Stock Exchange (PEX) recently announced that the Palestine Telecommunications Company “PALTEL” share has joined the Standard & Poor’s Index for private members of the Union of Arab Stock Exchanges (S&P-AFE 40) and the Dow Jones Index for preference shares with members of the Union’s Euro-Asian Stock Exchanges (Dow Jones-FEAS 50). Both indices are part of renowned groupings of Arab and international indices where PEX continues to promote the shares of listed companies on the Palestine Exchange in order to ensure that the exchange and its listed shares are well placed on the international investment landscape.
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.
In regards to this milestone development, the CEO of the Palestine Exchange, Ahmed Aweidah stated, “the inclusion of “PALTEL” shares within the membership indices of Arab and regional listings confirms a remarkable step in terms of our collective achievements both as the exchange management and the listed companies. We now have with confidence and assuredness reached a point where Palestinian companies are members because of their compelling competitive position contrasted with their counterparts in the region. Paltel Group is now a member alongside regional and international company players such as Rajhi International Investment Holdings “Saudi Arabia”; the National Bank of Kuwait, “Kuwait”; the Egyptian Financial Group “EFG”; “Emaar Properties, “UAE” and SABIC “Saudi Arabia”. Palestine via its leading listed telecom stock (PalTel) is now in the same league as the other well-established Arab companies.” Mr. Aweidah added that, “Paltel was selected as “preferred stock” from a number of member stock exchanges as stated within the specific criteria for the index. These indicators are a reliable tool for investors in order to help them measure the investment opportunities in the region which is witnessing increasingly attractive growth rate. In addition, the positioning within such leading indicators has an important role in adding transparency and liquidity to the financial markets.” The Palestine Stock Exchange is a member of the Union of Arab Stock Exchanges since 1998 and a member of the Federation of Euro-Asian Stock Exchanges (FEAS) since 2000.
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.
The “Dow Jones” Index (Dow Jones-FEAS 50) is designed to serve as a basis for financial products such as investment funds and structured products, a measure of 50 balanced shares of the largest trades in the stock market which are members of the Federation of Euro-Asian Stock Exchanges. The rating was calculated by measuring each share, according to the value of shares available for trading by 60%, sales / revenue by 20% and net income by 20%. Also, the index is characterized by being balanced to determine the likelihood of each element by 2%. The penalties are reviewed on a quarterly basis, with the return of 2% using weights based on the prices, and review the elements of the index is up to a year in the month of May. The distribution of companies that fall under the umbrella index “Dow Jones” on a number of member exchanges in the Union are: Abu Dhabi (United Arab Emirates), Almaty (Kazakhstan), Amman (Jordan), Banja Luka (Bosnia and Herzegovina), Belgrade (Serbia), Bucharest (Romania), Cairo (Egypt), Istanbul (Turkey), Karachi (Pakistan), Manama (Bahrain), Muscat (Oman), Stock Exchange of Palestine (Palestine), Sarajevo (Bosnia and Herzegovina), Skopje (Macedonia), Sofia ( Bulgaria), Zagreb (Croatia).
About Paltel
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
Contact Person
Ms. Neda Morrar
Director of International Corporate Communications, Paltel Group
Tel: +970-2-294-4006
Mob: +970-599-579-355
E-Mail: neda.morrar
SOURCE Paltel Group
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