“Bashar Masri Commends Investors’ Commitment Amid Challenging Conditions”
Rawabi, 19/02/2025
Palestine Development and Investment Company (PADICO) has successfully issued five-year bonds with a total nominal value of $120 million. The bonds carry a variable coupon rate, subject to a minimum annual rate (Floor) of 4.75%, payable every six months.
The issuance experienced overwhelming investors’ interest, leading to full subscription, an outcome that underscores investors’ confidence in PADICO’s financial strength and its position as the largest investment company in Palestine.
Bashar Masri, Chairman of PADICO’s Board of Directors, expressed his deep appreciation to investors, stating:
“We did not expect full subscription, but achieving complete coverage of this issuance is a significant success—not only for PADICO but for Palestine as a whole. This reflects the commitment of numerous investors to investing in Palestine, despite the extremely challenging circumstances.”
The proceeds from the issuance will be used to repay existing bonds worth $120 million, set to mature in August 2026. This move strengthens PADICO’s financial position, ensuring greater stability and flexibility to continue implementing its strategic plans in Palestine over the next five years.
Barraq Al-Nabulsi, General Director of The Palestine Capital Market Authority, emphasized:
“PADICO’s prospectus was comprehensive, detailing all essential information and data. This enabled investors to make well-informed investment decisions. It also highlights the company’s unwavering commitment to full compliance with regulatory requirements and the highest governance standards.”
The issuance attracted strong participation from local and regional financial institutions, including the Palestine Monetary Authority Pension Fund, Arab Bank, Bank of Jordan, Cairo Amman Bank, Housing Bank for Trade and Finance, Jordan Commercial Bank, Jordan Ahli Bank, Capital Bank of Jordan, Bank of Palestine, and Quds Bank.
Jamal Hourani, Country Manager of Arab Bank Palestine, conveyed:
“Completing the bonds issuance underscores PADICO’s strength and strategic role in the Palestinian market.” Pointing to the Arab Bank’s pride in renewing their subscription and to serve as the custodian and financial advisor for this issuance, through the investment arm at Arab Bank.
Additionally, the general assembly of bondholders convened its first meeting with representatives from all subscribing institutions in attendance, where Al-Watanieh Securities Company was elected as the issuance trustee.
Mohammed Shawar, Chief Executive Officer of Quds Bank, also expressed:
“PADICO’s track record of remarkable and sustainable achievements over the years makes us proud to participate in this issuance.” He further confirmed that this issuance demonstrates the company’s deep commitment to strengthening trust with financial institutions and fulfilling its obligations.”
Palestine Development and Investment Ltd. (PADICO) is a publicly traded company investing in key economic sectors in Palestine, including telecommunications and information technology, real estate, finance, industry, agriculture, tourism, infrastructure, and energy.
