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Mr. Ahmed Aweidah, CEO of the Palestine Exchange (PEX) announced the end of the financial statement disclosure period for listed companies for the first half of 2011, completed at the end of business day on Monday, August 15th. The PEX disclosure rules in place give all companies a period of 45 days to report their first half financial results reviewed by an independent external auditor.
Mr. Aweidah noted the following:
- Within the statutory period, the PEX received disclosures from 43 companies, and received the disclosure of the Palestine Investment Bank (PIBC) on August 16th to bring the total number of disclosures to 44.
- Of all listed companies, 95.7% have disclosed. With the exclusion of the two companies suspended from trading, 100% of traded companies disclosed.
Mr. Aweidah also noted the importance of continued development in the disclosure process in terms of content and timing, in order to maintain the existing investments and to attract new investments, hoping that the positive results of this disclosure period will reflect positively on trading after the Holy month of Ramadan, which typically sees a decline in trading activity.
For the semi-annual financials disclosed, 33 out of 44 companies earned a profit in the first half of this year, while 11 companies suffered a loss for the same six month period.
The listed companies disclosing semi-annual reports include information required by Article (38) of the PEX disclosure requirements regarding management, number of issued shares, a summary of financial performance, and material events during the first half of the year. The semi-annual report also includes reviewed financials prepared according to International Accounting Standard No. (34), and an independent accountant’s review report. Companies are also required to disclose their financials in the electronic form of disclosure applicable to each sector. Disclosures are sent simultaneously to the PEX and the PCMA.
For the first time since inception, the PEX issues press releases for company disclosures in both English, in addition to Arabic, to enhance communication with foreign investors.
