RAMALLAH, Palestine, March 26, 2012 /PRNewswire/ --
Ahmad Aweidah, Chief Executive Officer of the Palestine Exchange announced the listing and trading date of the PSE on the fourth of April 2012. The listing ceremony will be held in Ramallah on the fifteenth trading anniversary of the Palestine Exchange. The PSE listing is the first in 2012; the number of listed companies will rise to 47 with a market capitalization of about 2.9 billion USD.
Aweidah confirmed that the PSE listing is in accordance with the securities law applicable in Palestine and the Palestine Capital Market Authority's regulations. He added: "this listing is in compliance with good corporate governance practices, including the restructuring of PSE shareholders' structure by expanding it. It will also contribute to attaining proper price discovery of the stock."
Aweidah noted the importance of this listing; "the PSE will be a model for other public shareholding companies" he said. Aweidah indicated that the PSE transformed into a public shareholding company in 2010, it is the second Arab stock exchange to be publicly traded after Dubai Financial Market and the only Arab exchange that is fully owned by the private sector.
The Palestine Securities Exchange (PSE)
Following the establishment of the Palestinian National Authority, and the determination of developing an enabling investment environment in Palestine, PADICO Holding established the Palestine Securities Exchange (PSE) in 1995 to promote investment in Palestine. The PSE was established as a private shareholding company and was fully automated upon establishment- a first amongst the Arab Stock Exchanges, it held its first trading session on 18 February 1997. The PSE became a public shareholding company in 2010 responding to principles of transparency and good governance and launched its new corporate identity with the Palestine Exchange (PEX) as its brand name, and "Palestine of Opportunities" as its slogan.
The PEX is a regulated market within best international standards. It uses best of breed technologies in trading, surveillance and post trade services and works in accordance with modern laws and regulations that ensure transparent, efficient and equal trading across all investor classes.
There are 46 listed companies on PEX as at 19/03/2012 with market capitalization of about 2.84 billion USD across five main economic sectors; banking and financial services, insurance, investments, industry, and services. Most of the listed companies are profitable and trade in Jordanian Dinar or in US Dollars. Only stocks are currently traded on PEX, but there is potential and readiness to trade other securities in the future.
PSE Financial Summary 2011 PSE Financial Indicators 2011 Gross Revenues: 2.93m USD Liquidity Ratio: 2.29 Operating costs:2.83m USD Cash Ratio: 123% Equity: 11.13m USD EPS:( 0.027) EBITDA: 0.025m USD ROE:(0.024) Paid up Capital: 10m USD ROA:(0.021) Total liabilities to Assets: 12% Total liabilities to Equity: 14%
For more information, please contact:
Mrs. Fida Musleh/Azar
Manager of PEX Representative Office-Ramallah
Manager of Public Relations & Investor Education Department
The Palestine Exchange (PEX)
Tel: +970 (or 972)9-2390-999
SOURCE The Palestine Exchange (PEX)