Press Release
Arab Palestinian Shopping Centers P.L.C.
to start trading on the Palestine Securities Exchange
(Ramallah-Al-Bireh), The Arab Palestinian Shopping Centers P.L.C. (APSC) has finalized its preparations to start trading on the Palestine Securities Exchange (PSE) and will be listed under the symbol "PLAZA". The trading session of September 28th 2000 will witnesses the first public trading of PLAZA shares.
The Al-Bireh project is being established in Al-Balou' neighborhood on a plot of land 7,400 m2 with a total built-up area of nearly 10,000 m2. Thus, it will be the largest and most modern retail shopping center in Palestine. Mr. Khaled Osaily, Chairman of APSC's Board of Directors, noted that "the Al-Bireh Shopping Center is our pilot project which will provide a foundation for our development of similar retail Centers throughout Palestine." Mr. Osaily expressed his confidence in APSC's ability to effectively publicly trade in the market given APSC's investor base, which comprises a healthy mix of institutional investors and small shareholders.
APSC's mission statement is as follows:
The Arab Palestinian Shopping Centers P.L.C. (APSC) is a national, publicly traded, Palestinian retailer committed to establishing and operating modern shopping plazas, full-scale supermarkets, food courts and modern children play areas, all aimed at upgrading the Palestinian shopping experience through providing world-class customer service, convenience, quality products, and value pricing - all within a clean, spacious, and dynamic facility in order to provide all customer's daily needs 'under one roof' and contribute to the building of the Palestinian economy.
Mr. Sam Bahour, General Manager of the Company, indicated that "preparations are currently on-going to inaugurate APSC's first project in Al-Bireh in mid-2001." Mr. Bahour expressed that, "this project will constitute a new model in terms of retail shopping, customer service, efficient operations, and will rely mostly on recruitment and training of local human resources." Additionally, he stated, "we have received many applications from interested potential tenants, both local and foreign, and we are in the process of making site visits and taking the needed practical steps forward to finalize our tenant assortment."
Massar Associates (MASSAR) was contracted to manage the private placement for APSC and the PSE listing. MASSAR specializes in providing placement and listing services which makes it possible for Palestinian companies to receive assistance in the listing and trading of their shares in the PSE. MASSAR conducts the essential studies needed and spearheads the recruitment of funds necessary to fulfil investment requirements. Mr. Ghassan Zaibaq, a senior consultant with Massar Associates, pointed out that, "there is an opportunity for many companies currently operating in Palestine to join the companies listed on the Palestinian Securities Exchange. More firms joining the PSE would broaden the investor base in projects and would facilitate the recruitment of Palestinian capital from abroad as well as provide a greater level of assurance to investors that trading prices are based on real market factors, which, in turn enhances investors confidence in their shares."
Mr. Tarek Aggad, Managing Director of the Arab Palestinian Investment Company (APIC, www.apic-pal.com), stated that, "the Arab Palestinian Shopping Centers is APIC's first subsidiary that will be listed and traded in the Palestinian Securities Exchange." He was hopeful that, "the listing and trading of APSC shares will encourage Palestinian capital, locally and in the Diaspora, to effectively take part in the experience of rebuilding Palestine and contributing to the development of the Palestinian economy."
APIC operates the following subsidiaries: National Aluminum & Profile Co. in Nablus, Al-Nemeh Food Industries and Al Haya Food Industries (SINIORA) in Eizariya, Unipal General Trading Co., Medical Supplies & Services Co., Palestine Automobile Co., and Sky Advertising Co., all based in Ramallah, Arab Palestinian Storage Co. and United Cold Storage in Gaza, and Jericho Natural Mineral Water Co. in Jericho.
For More information contact:
Sam Bahour, General Manager
Arab Palestinian Shopping Centers P.L.C
Tel. + 970 2 298 4242
Fax. + 970 2 298 4243
Email: apsc@palnet.com
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Ghassan Zaibaq, Senior Consultant
Massar Associates Co.
Tel. + 970 2 295 2818
Fax. + 970 2 295 9110
Email: gzaibaq@massar.com
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