The General Assembly of Arab Palestinian Investment Company (APIC) ratifies dividend distribution to its shareholders amounting to USD 18 million, 17.14% of APIC's paid-in capital, and elects a new board of directors

RAMALLAH, Palestine, May 9, 2022 /PRNewswire/ -- Arab Palestinian Investment Company (APIC) held its extraordinary and ordinary general assembly on Monday, May 9, 2022, in Ramallah, Palestine. The meeting, which was chaired by APIC Chairman and CEO Tarek Aggad, was attended by members of APIC's Board of Directors, representatives from the Ministry of National Economy - the Companies' Controller Office, the Palestine Capital Market Authority and Palestine Exchange, the external auditor of the company, its legal counsel and many of its shareholders.

In its meeting, the general assembly ratified dividend distribution for registered shareholders as of May 8, 2022, of 17.14% of APIC's paid-in capital amounting to USD 105 million to date, around 10.476% as cash dividends amounting to USD 11 million and around 6.666% as seven million in bonus shares. Accordingly, APIC's paid-in capital will reach USD 112 million following the bonus share distribution.

A new board of directors was elected as well, comprising 13 board members for the next four years, businesswomen and businessmen from Palestine, Saudi Arabia, Jordan, the United Arab Emirates, the United Kingdom and the United States of America, whose expertise spans across various fields including investment, governance, manufacturing, trade, services, finance and entrepreneurship, including Tarek Omar Aggad, Tarek Shakaa, Lana Ghanem, Maysa Baransi, Hashim Shawa, Leena Khalil, Olga Aburdene, Ahmad Atwan, Nashat Masri, Mohammad Abukhaizaran, Dr. Durgham Maraee, Khalid Kayyali, and Dr. Mazen Hassounah.

About APIC

APIC is a foreign public shareholding investment holding 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); Sky Advertising and Public Relations and Event Management Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 2,600 staff through its group of subsidiaries. For more information, visit www.apic.ps.

Logo - https://mma.prnewswire.com/media/640722/APIC_Logo.jpg