Jordan: Jordinvest concludes IPO preparations for Inwan Investment PLC – to become Amlak Finance
Jordan Investment Trust P.L.C. (Jordinvest), a leading provider of financial and investment services, announced the Initial Public Offering of Inwan Investment PLC, which will change name into Amlak Finance (Jordan) PLC. Jordinvest will act as the Lead Manager and Financial Advisor, which will be the first public shareholding company specialized in mortgage financing services for the development and housing sectors in compliance with Shariah laws in Jordan.
In its session held on 22 April 2008, the Jordanian Securities Commission approved, by virtue of its resolution 192/2008, the registration of the Company’s capital shares of 55 million shares/Jordanian Dinars and the prospectus regarding the issuance of 13,750,000 shares for subscription through an initial public offering with a par value of JD1/share. Subscription will start on the morning of Monday, 19 May 2008 at all the branches of the ABC Bank, Jordan Kuwait Bank, and the Arabic Islamic International Bank in the Kingdom, and end on the evening of Sunday, 1 June 2008.
Jordinvest has provided a number of financial advisory services, most notably, developing the Company’s business plan and financial projections, preparing the prospectus, managing the IPO and listing its shares on the Amman Stock Exchange.
Mr. Ahmad Tantash, Jordinvest Chairman and CEO, indicated that he was very optimistic about the outcome of this IPO. He considered this partnership a significant addition to Jordinvest’s track record, especially with its focus on supporting and developing Shariah-compliant investments, which are becoming very popular worldwide, in addition to its ongoing efforts to enhance the services it provides to leading business establishments, not only in Jordan but in the Region as a whole.
The Chairman of the Company’s Founders’ Committee, Mr. Mifleh Aqel has expressed his deep appreciation for the efforts exerted by Jordinvest to provide highly-professional and efficient financial advisory services. He was very optimistic about this step which comes in line with the Company’s plans to play a vital role in advancing the field of Shariah-compliant real estate financing in Jordan. He also affirmed the company’s endeavor to activate the market and offer appropriate solutions for the limited income bracket.
In a partnership that includes the Investment Unit of the Social Security Corporation, Jordan-Dubai Capital, Jordan Kuwait Bank, ABC Bank, Amlak Finance – UAE, Global Investment House, Taameer Jordan and Al Masaken Real Estate Development Company, the company was established in accordance to the core business direction of Amlak Finance, which centers on providing pioneering home financing and real estate investment services and products. Amlak Finance, the largest real estate financier in the Middle East, has embarked on this venture as part of its overall regional expansion plans that are intended to position the company as the main regional provider of real estate financing services for developers of housing projects and those wishing to invest in them.
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