PADICOPavimentos Diseños y Construcciones, SA (Guatemala)
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According to its website, PADICO also has a majority stake in the Palestinian stock exchange and holds 32 percent of Paltel Group, a telecoms firm which controls one of two mobile phone operators in the Palestinian territories.
PADICO earlier this year completed the first corporate bond issue in the Palestinian territories.
At a press conference in Ramallah, PADICO said it was issuing 7,000 five-year bonds, which will be privately placed and neither traded nor listed on the Palestinian stock exchange.
PADICO said each bond would be issued at a par value of $10,000 and that there would be a minimum subscription of 10 bonds per subscriber.
To reflect positively on PADICO HoldingAAEs share and on capital gains, this short-term plan will help promote PADICO HoldingAAEs capability of distributing growing annual dividends in the future.
In his opening remark, Chairman of PADICO Holding, Munib R.
Masri also made clear that PADICO Holding managed to reduce the amount of its financial portfolios to approximately 3% of the CompanyAAEs total assets, thereby avoiding any losses throughout 2009.
We are also proud that PADICO HOLDING and the private sector have preceded the public sector in issuing the first Palestinian bonds, which represents a sign of agility and progressiveness.
Masri, PADICO HOLDING's Chairman stated that "This bond issuance represents PADICO HOLDING's long term vision and commitment to investing in Palestine, and reaffirms our confidence in the local economy.
This Bond issuance greatly supports PADICO HOLDING's strategic plans and future directions.
Samir Hulileh, CEO of PADICO Holding, stressed that the announced results during1H-2010 reflect a new era, whereby the Company enjoys diversified sources of income as opposed to previous years where it had to rely on a single source.
Hulileh stated that this positive performance is attributed to PADICO HOLDING's sound policy; concentrating on re-channelling investments, and focusing on operational activity plus direct investments, while reducing portfolio investments.