Dear Shareholders
May the peace, blessings, and mercy of God be upon you ...
On behalf of my brothers, members of the Board of Directors, and in my personal name, I am pleased to congratulate you on the convening of the Ordinary General Assembly meeting in its first session, wishing all of you good health and success for the work of the General Assembly. Presenting to you a detailed report on the company's activities and business during the year 2022, including the company's financial statements and all operational activities.
The company was registered as a Palestinian private shareholding company under No. (562478099) with the Ministry of National Economy as a private shareholding company on 09/24/2008 with a capital of 5,000,000 US dollars, divided into 5,000,000 shares with a nominal value of one US dollar, and the company’s capital was reduced on 04/19 / 2012 to 3,000,000 US dollars divided into 3,000,000 shares with a nominal value of one US dollar. On 10/08/2021, it was converted into a Palestinian public shareholding company under No. (562601559) with a capital of 2,000,000 US dollars, divided into 2,000,000 shares with a nominal value of one US dollar.
Whereas, the management of the Global United Insurance Company and Amlak Real Estate Investment and Trade Company intends to submit a request to list the shares of Amlak Real Estate Investment and Trade Company on the Palestine Exchange (Palestine Stock Exchange), and that the number of shareholders of Amlak Real Estate Investment and Trade Company is (9) shareholders as of its date, and that The International United Insurance Company owns 97.825% of the total shares of Amlak Real Estate Investment and Trade Company as of its date. The Board of Directors of the International United Insurance Company decided in its session held on 09/02/2022 the following:
- Selling 11.088% of the shares owned by the International United Insurance Company in Amlak Real Estate Investment and Trade Company (ie 216,937 shares).
- That the right to buy shares be given to the shareholders of the International United Insurance Company according to the list of shareholders at the end of Thursday 12/30/2021.
- Each shareholder is given the right to purchase a number of shares in Amlak Real Estate Investment and Trade Company, with a maximum limit of 2% of the number of shares he owns in the United International Insurance Company.
- The shares are sold to the shareholders of the Global United Insurance Company at the nominal value of the share (one US dollar).
Amlak Real Estate Investment and Trade Company is a subsidiary of United International Insurance Company (the parent company). The company operates through its main office in Al-Bireh and has no other branches.
The company works with every effort and determination to participate in the advancement of the investment market, and to apply all instructions and policies issued by the competent authorities and authorities. Amlak Real Estate Investment and Trade Company has been keen to provide its services at the highest levels.
The company's accounts in 2022 showed that rental revenues in the company amounted to 284 thousand US dollars, compared to 248 thousand US dollars in 2021, and the company achieved net profits of 34 thousand US dollars, compared to 501 thousand US dollars in 2021, and the reason for the increase in profits in 2021 It is the re-evaluation of the building and the land of the company, where the value of the re-evaluation was 498 thousand US dollars.
The Board of Directors recommends to the esteemed General Assembly to approve the financial statements and transfer the net profits of the year 2022 to the retained earnings from previous years, so that the net retained profits amounted to 4.897 million US dollars as of 12/31/2022.
Company goals
- Real estate activities in owned or leased property and what falls under it.
- Buying and selling lands and real estate.
Rental and leasing of buildings for residential and non-residential purposes.
- Real estate activities on the basis of a contract or for a fee and what falls under it.
- Buying and selling real estate and lands for a commission.
Real estate and property management.
- Establishing buildings for the purposes of selling or renting.
- Building Contracting.
Finally, the Board of Directors thanks all shareholders for the care and support they provided to their company and highly appreciates the efforts made by the company's management and employees. Thanks also to the United International Insurance Company and its staff for the support provided by them to Amlak Real Estate Investment and Trade Company.
Chairman of Board of Directors
Jamal Nayef Brahma