On the Eve of the Fourth Annual Palestinian Capital Market Forum - Palestine Exchange Braces for Another Good Year of Results

RAMALLAH, Palestine, November 8, 2010 /PRNewswire/ --

- Second Mobile and First Regional Operator to List on Exchange early 2011

The Palestine Exchange (http://www.pex.ps) revealed its positive outlook for the remaining quarter of the year ahead of key new listings and post positive Q3 results for most of its listed companies. This outlook was expressed by the Exchange's CEO on the eve of the Fourth Annual Palestinian Capital Market Forum to be held in Ramallah on the West Bank this Tuesday, 9 November 2010.

The Palestine Exchange will be soon listing its second mobile stock and its first regional telecom operator after the IPO of Wataniya Mobile is launched on November 7th expecting to end on December 2nd, 2010. The IPO will offer 38.7 million shares to the public; representing 15% of the authorized capital of the company. The IPO is expected to raise USD$50.31 million at USD$1.3/share.

"The listing of Wataniya Mobile is not only a sign of confidence in the Palestinian economy, but an additional proof point of the interest local and regional companies have in listing at the Palestine Exchange, as a sound and safe vehicle for capitalization and financial intermediation among small, medium and large scale businesses," said Ahmad Aweidah, CEO of the Palestine Exchange. "We are bracing ourselves for more public listings of local, and even international commercial entities, more businesses in the local market place are convinced that the next step for growth, modernization and financing is attained by listing in the Exchange. We are proud to grow every year by such new listings, however we are equally happy to have existing listed companies remain more attentive to their stocks at our exchange in Palestine which is being increasingly viewed as an attractive hub in comparison to other markets," added Mr. Aweidah.

It is worth noting that Paltel the blue chip company with the leading market cap (39%) on the Palestine Exchange delisted from the Abu Dhabi exchange and transferred ownership of such stock to its general stock listed on the Palestine Exchange. "Our performance is being noticed locally and regionally, we are managing to attract some leading international and MENA specialized funds to the market, we will continue to adhere to the same principles and international rules of engagement that have kept us ahead of some of our peers and immune to the turbulence around us," said Ahmad Aweidah.

The Q3 2010 financial results of listed companies were an additional indication at the viable investment opportunities being offered to investors through the exchange. Out of 39 listed companies 31 companies disclosed positive financial results. More listed companies are in turn increasing their authorized capital to allow for expansion, while other financial institutions are discussing mergers in order to achieve synergies and market growth in a very competitive environment for the banking sector. The Palestine Exchange remains the first doorstep to a Palestine of Opportunities.

The Forum has managed to attract Palestine's leading listed companies; Palestine Development & Investment Company (PADICO HOLDING) and Paltel Group (PALTEL) as its diamond sponsors; in addition to a silver sponsorship from international Financial Advisory firm Ernst & Young. The Exchange has also chosen PR NEWSWIRE and Ellam Tam as its exclusive media sponsor to cover all Forum activities.

For more information on the Palestine Exchange visit: http://www.pex.ps

For more information on the Fourth Annual Capital Market Forum in Palestine visit: http://www.pex.ps/forum

Website: http://www.ellamtam.com

SOURCE The Palestine Exchange