Press Release
Arab Palestinian Shopping Centers Proceeding with Operations
(Ramallah, April 11) - The Board of Directors of the Arab Palestinian Shopping Centers, P.L.C. (PSE:PLAZA) completed a successful meeting today in which a decision was made to proceed with operations of their first project, yet under construction in the West Bank City of Al-Bireh.
The firm, which has not stopped construction, even under the pressures and complications of the last six months, has spent the last few weeks re-evaluating the status of the project given the latest Israeli aggression. Chairman Khaled Osaily noted, "We objectively looked at the project from a purely investment perspective, then we separately evaluated the project as one of the pioneering private sector efforts that will shape the future retail market of Palestine. The results of both indicated that we should proceed toward operations without hesitation."
The 9,000-sqm, 3 story Al-Bireh Center is located next to the Ministry of Planning building. The Center will introduce the first modern supermarket that will offer a full line of consumer products, including, fresh meats, produce dairy, deli, frozen foods, bakery, bulk foods, cleaning products, house wares, and a healthy mix of locally manufactured and foreign goods. Likewise, the Center will rent ground floor and first floor space to a wide assortment of complementary retail, food and non-food, outlets. One of the highlights of the project is a premier 550-sqm professional, modern children play area and plenty of free parking.
General Manager Sam Bahour noted that, "We are building a retail complex that introduces a dynamic mix between shopping and entertainment. This is a new format that will prove to be successful."
APSC was listed in the Palestine Securities Exchange at 1 JD on Sept. 28, 2000, the same day Sharon visited Jerusalem. The Company's share value on the Securities Exchange has not been damaged during the last period, with the last trade being at 1.01 JD. Mr. Bahour confirmed that the company is now quickly moving forward to identify retail tenants and to hire needed staff. Plans are for the Center to open for business in the 4QTR of 2001.
[Back to News]
