“In Line with the Palestinian New Companies’ Law”
Rawabi, 23 April 2024
Palestine Development & Investment Company (PADICO) convened its twenty-ninth annual Ordinary General Assembly Meeting (GAM) to discuss and approve the agenda items.
Bashar Masri, Chairman of the Board, shared the Board’s report for the year 2023, stating, “Since its establishment, PADICO has faced many challenges, and undoubtedly, the situation we have witnessed since the beginning of the last quarter of 2023 has been the most challenging, with the human losses and immense destruction that befell the Gaza Strip, and the repercussions that have affected various aspects of life in the West Bank; collectively leading to a staggering decline at all levels in Palestine,” confirming that the company’s financial position remains solid, despite these challenges.
He added, “PADICO, its subsidiaries and affiliates achieved good financial and operational performance up until the end of the third quarter of the year. We have also worked on expanding into many vital sectors in which we have invested, such as telecommunications and information technology, as well as industry, infrastructure and energy.”
The General Assembly approved the Board’s report and financial statements and discharged the members of the Board of Directors from liabilities for the fiscal year 2023, and elected Ernst & Young as the Company’s external auditor for the fiscal year 2024.
An Extraordinary General Assembly Meeting (EGAM) was held after the GAM where it approved the amended Company’s bylaws and a Renumeration Policy; in line with the new Palestinian Companies’ Law; as a commitment to positive changes in the Palestinian regulatory environment. The Board of Directors were also authorized in taking necessary actions for de-domiciliation out of Liberia.
Palestine Development and Investment Company (PEX:PADICO) is a public shareholding company established in 1993 that invests in various vital economic sectors in Palestine such as telecommunications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy.
