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APIC issues new corporate bonds with a gross value of around $74 million

RAMALLAH, Arab Palestinian Investment Company (APIC) issued last week new five-year bonds through two parallel issuances in both the US dollars and euro currencies with a gross value of $73.841 million, of which $58 million and 14 million euros are in a private subscription with the participation of nine local banks and insurance companies, today said a press release.

APIC’s General Assembly had approved and ratified the issuance of new corporate bonds with a nominal gross value of up to $75 million during its extraordinary meeting that took place in Ramallah earlier in May.

In his statement, APIC Chairman and CEO Tarek Aggad said that the bond issuance is an important step towards assisting the company in achieving its future plans and will also effectively enhance its capital structure. Aggad added, “We thank all the institutions that subscribed to APIC bonds, which proves their trust in APIC group particularly during the current challenges that include political uncertainty, the current closures and preventive measures in place due to the coronavirus pandemic.”

Aggad noted that several of the banks that had subscribed to the first and second bond issuances in 2012 and 2017 have since renewed their subscriptions for this third issuance, which demonstrates the great trust that APIC has enjoyed from bondholders during the past years.

APIC bonds are structured with a bullet repayment after five years; are not traded nor listed on Palestine Exchange and any other stock exchange; are not convertible into shares; represent excellent debt; and are collateralized with 100% collateral coverage ratio.

APIC is a foreign public shareholding investment holding company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia and the United Arab Emirates.

 

Source: Palestinian News & Info Agency