Abu Dhabi - Palestine Telecommunication Company signed an agreement with Abu Dhabi Securities Exchange and Palestine Securities Exchange under the endorsement of UAE Securities and Commodities Authority and Palestine Capital Markets Authority to have its shares listed on Abu Dhabi Securities Market (ADSM). The agreement permitted Palestinian shareholders to trade 30 percent of the total shares on ADSM after submitting an application to ADSM via brokers. The agreement was signed by Sabieh Masri, Chairman of the Board of Palestine Telecommunication Company, Dr. Atef Allawneh, Chairman of the Capital Markets Authority, Dr. Rami Hamdallah, Chairman of the Palestine Securities Exchange, Harib Al Darmaki Chairman of the Board of Directors of ADSM, Abdullah Al Tareefe, Chairman of UAE Securities and Commodities Authority, Moneeb Al-Masri, Chairman of the Palestine Development and Investment Ltd. (PADICO) and Nizar Al Obaidly, Director General of ADSM. “It is a historical listing not only for Palestine Telecommunication Company as a company but for Palestinians as a people. The agreement mirrors the success of Palestine Telecommunication Company Ltd (Paltel) as a modern company that is capable of expanding its reach beyond the borders of Palestine by adopting a clear vision and providing distinguished services to its customers” reported Sabih Masri, Chairman of the Board of Paltel.

Dr. Atef Allawneh, Chairman of the Capital Markets Authority, described the signing as an important event and added that the CMA would ensure that best practices are followed in the market. He emphasized that such agreements would benefit everyone in the marketplace and the company. Dr. Rami Hamdallah, Chairman of Palestine Securities Exchange, noted that Palestine Telecommunication Company Ltd (Paltel) is the major player at Palestine Securities Exchange and this listing at ADSM would draw the attention of investors from GCC and other Arab countries to the promising market in Palestine. He further noted that Palestine Securities Exchange is seen as one of the fast growing securities exchange markets in the Arab world which ensures that transparency and the highest corporate governance standards are applied to all of its dealings; nominal value of listed companies increase by 350% since the beginning of the year. Dr. Atef Allawneh talked about Palestine Securities Exchange considering it “one of the fast growing securities exchange markets in the Arab world, ensuring transparency in all its dealings. “The advanced level that Palestine Telecommunication Company reached to represents a qualitative addition of Abu Dhabi Securities Exchange in its diligent seeking to attract more pioneer companies in the region specially Telecommunication companies. Palestine Telecommunication Company Ltd (Paltel) is the fourth Telecommunication company to list its shares in ADSM”, Al Obaidly said. Abdul Malik Jaber, CEO of Palestine Telecommunication Company Ltd (Paltel), noted that the company had overcome difficulties that were unique to Palestine, and the company''s staff were proud of its achievement and looked forward to more success. He added that Paltel worked within a framework that guarantees excellent services for its clients and new opportunities for the company to grow across markets. It is worth mentioning that Palestine Telecommunication Company Ltd (Paltel)’s capital is estimated at JD140 million, the market share value is JD15.10 and net profit is JD38 million, expected to exceed JD 80 million in the year 2005.