Palestine Bourse to Sell as Much as 30% Stake in 2010 (Update1) - Bloomberg.com

The Palestine Securities Exchange, where 40 companies from the West Bank and Gaza Strip trade, plans to sell as much as 30 percent to the public this year, the exchange’s chief executive officer said.

The stake sale of between 20 percent and 30 percent had been planned for 2008 and was delayed because of legal reasons which have been dealt with, Ahmad Aweidah told reporters in Abu Dhabi today.

“We are interested in speaking to other exchanges because they will not just bring in capital, they will bring in know- how,” Aweidah said. “Depending on how well that goes, 25 percent or so will be offered to the Palestinian public.”

Founded in 1996, the Palestinian Securities Exchange has sought to encourage investments among local investors as well as from foreigners, particularly Palestinians living abroad, in an effort to boost economic growth in the territories. The Palestine Al Quds Index has added 1.1 percent this year, while the MSCI Emerging Markets Index lost 4.9 percent.