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PALESTINE TELECOMMUNICATIONS
    Disclosure Type 
Non Financial Disclosure
  
    Company Name 
PALESTINE TELECOMMUNICATIONS
  
    Company Symbol 
PALTEL
  
    Sector 
Service Sector
  
    Currency 
JD
  
Major deal with a related party

Subject: Disclosure of Material Issues

With reference to the aforementioned topic and the disclosure polices practiced by PEX, Paltel announces its acquisition of extra 25% stake in Jericho Gate Real Estate Investment Company (Jericho Gate) from Padico Holding with a total amount of JOD 26 million, accordingly, Paltel’s new ownership in Jericho Gate increased to reach 75%. It is worth mentioning that this deal will not affect Paltel’s consolidated financial statements for the year 2018; the company now is studying the financial impact on the financial statements for the year 2019 with its external auditor and in compliance with the International Financial Reporting Standards.

Jericho Gate Snapshot:

Jericho Gate Real Estate Investment Company (Jericho Gate) was established in 2011 by Palestine Telecommunications Company (PALTEL)�and PADICO Holding. Jericho Gate seeks to implement a mega developmental tourism project, the first of its kind in Palestine. The project consists of developing various tourism and entertainment facilities that include establishing residential villas, resorts and hotels, sports complex, amusement parks and water parks, commercial center and other entertainment and tourism facilities. The proposed project is expected to cater to the needs of the local as well as international tourism in Palestine. The project will be implemented on 3,000 dunums fully owned by the company and located in the southern entrance of the city of Jericho.

Investment Objective:

Paltel believes that its investment in Jericho Gate is economically feasible and will generate positive returns to its shareholders in the near future. In addition, this investment comes due to the company’s strategy in diversifying its investment portfolio and its sources of income as well as maximizing the benefits of its shareholders. Also, it is worth mentioning that later to acquiring a controlling share in the company, Paltel became in charge of managing the project and accelerating the completion process.

Last update date of data : 10\02\2019 11:10AM