Ramallah – Ma’an – The General Authority of the Palestinian Distribution and Logistics Services Public Shareholding Company Limited (Wasel) held its regular annual meeting, to discuss and approve the topics on the agenda.

At the beginning of the meeting, Chairman of the Board of Directors, Riad Nazzal, reviewed the Board’s report for the year 2023, and the General Assembly approved the Board’s report and financial statements, and also discharged the Board members from liability for the fiscal year 2023, and elected Ernst and Young as the company’s auditor for the fiscal year 2024.

The General Assembly also held an extraordinary meeting to approve the amended bylaws and the amended articles of incorporation for the year 2024, in addition to the policy of granting remuneration to members of the Board of Directors, its committees and the executive management, in compliance with the new Palestinian companies law and the positive changes that occurred in the laws and regulatory environment in Palestine.

Nazzal
said: ‘All indicators suggested a real recovery for the Palestinian economy in general and a remarkable growth for the group in its financial and operational performance in particular. However, the aggression that broke out in the last quarter of 2023, and the accompanying huge effects on the West Bank of withholding clearing funds and endowment… The entry of Palestinian workers and the restrictions and closures had another impact, as this affected all economic sectors operating in Palestine to varying degrees.’

He added, “The facts on the ground have long demonstrated the ability of Palestinian companies to adapt and overcome the difficulties and challenges facing them, and to be able time and again to overcome all obstacles and withstand abnormal circumstances. This is what Wasel’s results this year show, and we continue to work hard to consolidate our position.” As one of the strong economic groups in the local market.’

It is noteworthy that Wasel is a public joint stock company listed on the Palestine
Stock Exchange with a shareholder base of more than 13 thousand shareholders, and its investments include logistics services, financial leasing, money transfer, security and guarding.

Source: Maan News Agency