The PADICO General Assembly approves the amendment to the internal regulations

Ramallah Together - The General Authority of the Palestine Development and Investment Company Limited (PADICO) held its twenty-ninth annual meeting to discuss and approve the topics on the agenda. At the beginning of the meeting, Chairman of the Board of Directors, Bashar Masri, reviewed the Board's report for the year 2023, saying: 'Since PADICO's founding, we have experienced many challenges, and there is no doubt that the situation we have been witnessing since the beginning of the last quarter of 2023 is the most difficult, with human losses and massive destruction... A solution in the Gaza Strip, and the repercussions that struck various aspects of life in the West Bank, collectively led to a dramatic decline at all levels in Palestine,' stressing that the company's financial position remains solid despite these challenges. He added, "At PADICO and its subsidiaries and affiliates, we achieved good financial and operational performance until the end of the third quarter of the year. We also worked to ex pand in many of the vital sectors in which we invested, such as communications, information technology, infrastructure, energy, and industry." The General Assembly approved the Board of Directors' report and financial statements, and also discharged the Board members from their liabilities for the fiscal year 2023, and elected Ernst and Young as the company's auditor for the fiscal year 2024. The General Assembly held an extraordinary meeting to approve the amended bylaws and the policy of granting bonuses to members of the Board of Directors, its committees and the executive management, in keeping with the new Palestinian companies law. And the positive changes in the laws and regulatory environment in Palestine. It also authorized the Board of Directors to take the necessary measures to transfer the place of registration of the company from Liberia to another country. It is worth noting that the Palestine Development and Investment Company (PADICO) is a public joint stock company that invests in many vital economic sectors in Palestine, such as communications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy. Source: Maan News Agency

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