RAMALLAH, Palestine, Feb. 6, 2025 /PRNewswire/ -- Arab Palestinian Investment Company convened its extraordinary general assembly on Thursday, February 6, 2025, in Ramallah, Palestine. The meeting was chaired by Chairman and CEO Tarek Aggad, and attended by members of the company's Board of Directors, representatives from the Ministry of National Economy, the Palestine Capital Market Authority, the legal counsel of the company and many of its shareholders.
In its meeting, the general assembly ratified the resolution of the Board of Directors to increase the company's authorized capital by USD 35 million, from USD 125 million to USD 160 million. The general assembly also approved and ratified the resolution of the Board of Directors to increase the company's subscribed capital by USD 30 million through a secondary public offering to the company's shareholders of record as of the date of the meeting of the extraordinary general assembly at an issuance price of one US dollar per share which represents the nominal value of each share.
In his remarks, Aggad explained that the capital increase aims to strengthen the company's financial base, solidify its balance sheet, and expand its ability to capture new ventures, accelerate subsidiaries' growth, stabilize cash flows, and fulfill financial commitments with greater resilience.
About APIC
APIC is a public shareholding investment company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Reema Hygienic Paper Company; Sky Advertising and Promotion Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3200 staff through its group of subsidiaries. For more information, visit www.apic.ps
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