The Palestine Insurance Company (PICO) plans to issue US$1.25 million (Dh4.5m) worth of shares next month in a bid to strengthen its capital base by as much as 25 per cent and fall into line with regulatory requirements.
PICO launched an initial public offering in May, raising $5m to become one of five insurance companies listed on the Palestine Exchange.
The company, based in Ramallah in the West Bank, plans to raise its capital to $6.25m in January by offering new shares to retail investors. The capital-raising is still subject to approval by the PICO board and the Palestinian Territories' market regulator, the Capital Market Authority (CMA).
The capital-raising is expected to take place in the first quarter of next year, said Ahmad Aweidah, the head of the Palestine Exchange.
"The higher their capital base the better the financial indicators. They need it," he said.
Arab Bank, a Palestinian lender, is expected to be the book-runner for the offering but this is still unconfirmed, said Mohammed Helles, the financial manager of PICO.
Insurance companies across the Palestinian Territories are subject to strict rules by the insurance division of the CMA. Under the regulations, insurance companies must maintain a minimum solvency margin to enable them to meet liabilities and pay all claims.
"We have different reasons [for the capital-raising]. One is to strengthen the ability of the company to compete in the local market," Mr Helles said.
He said the Palestinian insurance sector was struggling because of competition and strict regulatory requirements.
"You can't compete, except by giving a discount, which is very risky," he said.
The CMA, the Palestine Insurance Fund, which is the insurance sector's union, and several insurance companies met in Jordan this month to resolve problems that curb profitability for shareholders, Mr Helles said.
Firas Ahmad, a financial manager at AB Invest, the investment arm of Arab Bank in the Palestinian Territories, said the legislative council struggles to put through new laws.
"The biggest loser is the investment sector, and insurance is one of the major sectors of investment in Palestine," he said.
fhalime@thenational.ae
COMPANY%20PROFILE
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Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY%20PROFILE
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RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
Company%20Profile
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Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Company%20profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.