Latest news with #APIC
Zawya
08-07-2025
- Business
- Zawya
Arab Palestinian Investment Co places 5-year bonds worth $120mln
Arab Palestinian Investment Company (APIC) has issued five-year corporate bonds in three tranches denominated in the US dollars, Jordanian dinars, and Euro for a total value of $120 million, of which $76.7 million, 22.64 million dinar and €10 million through a private placement. Arab Bank, Cairo Amman Bank, Quds Bank, Bank of Palestine, Bank of Jordan, Jordan Ahli Bank, the Housing Bank for Trade and Finance, the Palestine Deposit Insurance Company and the International Finance Corporation (IFC) participated in the offering. The proceeds of the issuance will be used to support the company's capital and expand investments in the region. Earlier in May, APIC's shareholders approved the issuance of corporate bonds with a total nominal value of up to $110 million with an option to increase it to $120 million. The Palestine Exchange-listed APIC is a diversified investment company and invests across sectors in Palestine, Jordan, Saudi Arabia, the UAE, Iraq and Turkey.
Zawya
08-07-2025
- Business
- Zawya
APIC issues new corporate bonds through three tranches denominated in US Dollars, Jordanian Dinars and Euros
With the participation of the International Finance Corporation (IFC) Ramallah, Palestine: Arab Palestinian Investment Company (APIC) has successfully issued new five-year corporate bonds through three tranches denominated in the US dollars, Jordanian Dinars, and Euro currencies with a total nominal value of USD 120 million, of which USD 76.7 million, JD 22.64 million and €10 million through a private placement. Nine prominent banks and financial institutions participated in this issuance including Arab Bank, Cairo Amman Bank, Quds Bank, Bank of Palestine, Bank of Jordan, Jordan Ahli Bank, the Housing Bank for Trade and Finance, the Palestine Deposit Insurance Company and the International Finance Corporation (IFC). Earlier in May, APIC's General Assembly approved and ratified the issuance of new corporate bonds with a total nominal value of up to USD 110 million with an option to increase it to USD 120 million during its extraordinary meeting that took place in Ramallah. In his statement, Tarek Aggad, Chairman of the Board and CEO of APIC, said that this marks a significant step in reinforcing APIC's capital structure and supporting its continued growth and investment in vital sectors across Palestine and the region. He noted that the total subscriptions exceeded the initially offered nominal amount of USD 110 million, reaching USD 126.144 million. Accordingly, the increase option to USD 120 million was exercised, and the necessary allocation was completed with the approval of the Palestine Capital Market Authority. Aggad expressed his appreciation to all the institutions that participated in the APIC bonds subscription, emphasizing that their participation demonstrates their strong confidence in APIC group especially amidst the current challenges in Palestine and the region, most notably the severe and ongoing humanitarian and economic crisis in Palestine, and the deep recession which have significantly impacted the performance of the Palestinian Economy. He noted that several of the banks that had subscribed to the first, second and third bond issuances in 2012, 2017 and 2020 have since renewed their subscriptions for this fourth issuance, which demonstrates the great trust that the bondholders have placed in APIC over the years. 'IFC Signs USD 15 Million Subscription Agreement in APIC Bonds' In this respect, and during a formal ceremony held at APIC offices in Amman, Jordan, the International Finance Corporation (IFC), a member of the World Bank Group and its investment arm, signed a bond subscription agreement with APIC valued at USD 15 million. The agreement was signed by Mr. Tarek Aggad, Chairman and CEO of APIC, and Mr. Ashruf Megahed, Regional Head for Manufacturing, Agribusiness & Services at IFC. Welcoming the partnership, Aggad stated: "We are proud of IFC's decision to subscribe to APIC bonds. This investment represents a strong vote of confidence in APIC's vision, performance, governance, and resilience in facing challenges. This investment carries particular significance given the intensive and lengthy due diligence process for APIC Group on various levels including managerial, financial, environment, social and governance practices that preceded the signing of this agreement. This partnership reaffirms the strength of our operations, transparency, and unwavering commitment to adhering to the highest international standards and practices." In his statement, Megahed noted: 'This marks IFC's largest private sector transaction in West Bank and Gaza and is expected to help create jobs across different sectors and drive sustainable growth. It stands as a testament to our unwavering commitment to bolstering the private sector in some of the most challenging environments and during times of profound fragility." About APIC APIC is a public shareholding investment 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, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Reema Hygienic Paper Company; Sky Advertising and Promotion Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3,400 staff through its group of subsidiaries. For more information, visit
Morocco World
13-05-2025
- Business
- Morocco World
Ceramic Industry: Omar Chaabi Seizes APIC Leadership with Transformative Agenda
Doha – The Association of Ceramic Industry Professionals (APIC) enters a pivotal era with the unanimous election of Omar Chaabi as president. Industry leaders have rallied behind this choice, signaling a unified push to revitalize a sector with major growth potential. Chaabi, who has served as Executive Vice President of YNNA Holding since 2009, brings substantial industrial expertise to the position. His leadership extends across multiple prominent enterprises, where he holds board positions including the National Electrolysis and Petrochemical Company (SNEP) and GPC Carton. Within APIC, he represents SUPERCERAME, one of Morocco's foremost ceramic manufacturers. This top-level transition arrives at a decisive moment for the ceramic industry. The sector faces mounting challenges related to international competitiveness, environmental sustainability, and industrial sovereignty. 'Our ambition is clear: build a strong, resilient Moroccan ceramic sector focused on the future. Together with manufacturers, we will implement a pragmatic action plan to guide the industry toward greater innovation, local integration, and international influence,' declared Omar Chaabi, the newly appointed APIC President. The association has announced the preparation of an ambitious sectoral recovery plan. This initiative will be developed through extensive consultation with industry operators and precisely tailored to address concrete market requirements. Key priorities include modernization of production facilities, aggressive promotion of Made in Morocco products, robust commercial defense mechanisms, and comprehensive skills enhancement for the sector's workforce. Chaabi's appointment follows the tenure of Mohammed Lacham, who laid the groundwork for renewed governance before retiring. Beyond his industrial leadership at YNNA Holding, one of Morocco's largest private employers and diversified conglomerates, Chaabi has demonstrated entrepreneurial vision by founding multiple businesses. His ventures include Le Cafe Josephine, Oasis212, and In 2018, he established Mooka Environnement as Founder and CEO. His hospitality industry involvement includes serving as Vice President of Mogador Hotels & Resorts since 2014. Chaabi has maintained his board position at EFE-Maroc since 2006, reflecting his long-term commitment to Morocco's economic development. Throughout his career, Chaabi has led important corporate transformations, managed mergers and acquisitions, overseen successful IPOs, and implemented comprehensive sustainable development initiatives. His combined experience in turnaround management and strategic growth provides valuable perspective for APIC's revitalization efforts. Academically, Chaabi completed Harvard Business School's OPM program (2013–2015), building on his earlier marketing studies at the University of San Francisco (1995–1998). His philanthropic commitments include work with Fondation Miloud Chaabi, which impacts over 70,000 Moroccans annually, primarily through educational initiatives. Tags: ceramic productionOmar ChaabiYnna Holding
The Hindu
10-05-2025
- Politics
- The Hindu
State Chief Information Commissioner restrains Anjaneyulu from functioning as Secretary (FAC) of APIC
In a strongly worded administrative order dated May 9, 2025, State Chief Information Commissioner (SCIC) R. Mahaboob Basha restrained V. Anjaneyulu, IRTS, from functioning as Secretary (Full Additional Charge) of the Andhra Pradesh Information Commission (APIC), citing serious procedural violations. Escalating the friction between the State Government and the APIC, Mr. Basha asserted that the appointment made by Chief Secretary K. Vijayanand 'without consulting the APIC' contravenes both the Right to Information Act, 2005, and G.O. Ms. No. 122 dated September 6, 2017. He emphasised that as per Section 16(6) of the RTI Act, the State Government was required to provide officers and staff to the SCIC and the State Information Commissioners to ensure efficient functioning, and in a manner that safeguarded the independence and autonomy of the Commission. 'This is the first time in the history of the APIC that the office of the Principal Secretary to Government, General Administration Department (GAD), initiated the appointment process for the post of Secretary without consulting the APIC,' Mr. Basha said in the order. 'The APIC has always recruited its staff through the SCIC, with subsequent approval from the government,' he said. The SCIC mentioned that the GAD had instructed departmental heads to nominate candidates for the post independently, a move that he described as a 'breach of long-standing conventions and administrative norms.' Mr. Basha said though the office was 'shocked' by the development, it initially refrained from objecting in the hope that the GAD would adhere to the earlier practice by consulting the Commission. He criticised the appointment of Mr. Anjaneyulu, who is already serving on deputation as Director, Insurance Medical Services, for being in clear violation of the 2017 G.O., which stipulated that the Secretary to APIC should only be appointed either on deputation or contract. 'The G.O. does not empower the government to assign Full Additional Charge to an officer already serving elsewhere on deputation,' Mr. Basha said. He further said that Mr. Anjaneyulu visited the APIC office and claimed to have assumed charge as Secretary. However, upon being advised to submit a formal joining report and await clearance from the SCIC, he left without completing the process. The SCIC further alleged that Mr. Anjaneyulu had since been entering the Commission's premises unauthorisedly, reprimanding staff, and issuing directives in defiance of protocol. 'An officer cannot function independently as Secretary of APIC without the approval of the SCIC,' Mr. Basha asserted. 'The APIC cannot blindly allow any officer deployed by the government to assume charge unless it is satisfied with his or her suitability to serve in an autonomous and quasi-judicial institution,' he added. Invoking Section 15(4) of the RTI Act, Mr. Basha underscored the Commission's responsibility to restrain any action that undermined the authority and dignity of the SCIC's office. He also suggested the State Government to refrain from deputing officers who, he said, 'do not know how to conduct themselves in an autonomous and independent quasi-judicial authority like the APIC.' The government was yet to react to the development. Meanwhile, officials at various levels in the government observed that the SCIC could not deny the appointment of the officers as the government had the mandate to provide staff for the functioning of the office.
Zawya
05-05-2025
- Business
- Zawya
The General Assembly of APIC ratifies the distribution of 5mln shares
RAMALLAH, Palestine/PRNewswire/ -- Arab Palestinian Investment Company convened its ordinary and extraordinary general assembly meetings on Monday, May 5, 2025, in Ramallah, Palestine. The meetings were chaired by Chairman and CEO Tarek Aggad, and attended by members of the company's Board of Directors, representatives from the Ministry of National Economy, the Palestine Capital Market Authority, the legal counsel of the company and many of its shareholders. In its ordinary meeting, the general assembly ratified the recommendation of APIC's Board of Directors to distribute stock dividends totaling five million shares, representing approximately 3.22% of the current paid-in capital of the company of USD 155 million, thus increasing it to reach the authorized capital of USD 160 million. The stock dividends, which will be distributed to registered shareholders on May 4, 2025, hold a market value of approximately USD 9 million. In its extraordinary meeting, the general assembly ratified the issuance of a five-year bonds in three tranches, US dollars, Jordanian dinars and euros with a total combined value exceeding USD 100 million. In his remarks, Aggad acknowledged that 2024 was an exceptionally challenging year for Palestine, marked by the ongoing devastating war in Gaza and the intensification of Israeli attacks in the West Bank. These circumstances led to a sharp decline in commercial activity across multiple economic sectors, adversely affecting most of APIC's subsidiaries. Aggad emphasized that despite the considerable obstacles in Palestine and in other markets where the group operates primarily in Turkey, where it incurred non cash losses under International Accounting Standard No. 29 due to the country's hyperinflationary classification—APIC still delivered acceptable profits for its shareholders. The group recorded total revenues of USD 1.12 billion, an EBITDA of approximately USD 64.5 million, and net profits of USD 8.11 million, representing around 57% decrease compared to 2023. Aggad added that APIC expanded its operations in Palestine, despite the harsh and challenging conditions, by acquiring a 51% stake in Reema Hygienic Paper Company. APIC's investment underscored its unwavering commitment to supporting local industries and employment in Palestine. About APIC APIC is a public shareholding investment 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, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Reema Hygienic Paper Company; Sky Advertising and Promotion Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3,400 staff through its group of subsidiaries. For more information, visit Photo - Logo - SOURCE Arab Palestinian Investment Company (APIC)
