RAMALLAH, Palestine, May 5, 2025 /PRNewswire/ -- Arab Palestinian Investment Company convened its ordinary and extraordinary general assembly meetings on Monday, May 5, 2025, in Ramallah, Palestine. The meetings were 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 ordinary meeting, the general assembly ratified the recommendation of APIC's Board of Directors to distribute stock dividends totaling five million shares, representing approximately 3.22% of the current paid-in capital of the company of USD 155 million, thus increasing it to reach the authorized capital of USD 160 million. The stock dividends, which will be distributed to registered shareholders on May 4, 2025, hold a market value of approximately USD 9 million.
In its extraordinary meeting, the general assembly ratified the issuance of a five-year bonds in three tranches, US dollars, Jordanian dinars and euros with a total combined value exceeding USD 100 million.
In his remarks, Aggad acknowledged that 2024 was an exceptionally challenging year for Palestine, marked by the ongoing devastating war in Gaza and the intensification of Israeli attacks in the West Bank. These circumstances led to a sharp decline in commercial activity across multiple economic sectors, adversely affecting most of APIC's subsidiaries. Aggad emphasized that despite the considerable obstacles in Palestine and in other markets where the group operates-primarily in Turkey, where it incurred non cash losses under International Accounting Standard No.?29 due to the country's hyperinflationary classification-APIC still delivered acceptable profits for its shareholders. The group recorded total revenues of USD 1.12 billion, an EBITDA of approximately USD 64.5 million, and net profits of USD 8.11 million, representing around 57% decrease compared to 2023.
Aggad added that APIC expanded its operations in Palestine, despite the harsh and challenging conditions, by acquiring a 51% stake in Reema Hygienic Paper Company. APIC's investment underscored its unwavering commitment to supporting local industries and employment in Palestine.
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 3,400 staff through its group of subsidiaries. For more information, visit https://apic.ps/
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