Jordinvest's General Assembly agrees to distribute 12% cash dividends
Jordan Investment trust PLC (Jordinvest) held both its Ordinary and Extraordinary General Assembly meetings on Monday April 24th, 2006 whereby all general assembly members met to evaluate both the company's performance throughout the business year 2005, and its operational plans for the year 2006.
During the Ordinary General Assembly meeting Chairman/CEO of Jordinvest, Mr. Ahmad Tantash highlighted the financial achievements made by the firm throughout 2005, stating that it was a turning point for Jordinvest, characterized by sustained growth, improved performance, and a wide diversification of services locally and regionally.
According to Mr. Tantash, at the beginning of the year 2005 the company raised its capital to JOD17 million from JOD15.4 million. While profits surged by more than 115% to reach JOD8.311 million in 2005 against JOD 3.860 million recorded the year before, total revenues hit over JOD10.27 million and shareholder’s equity jumped by around 47% to JOD29.786 million.
And In light of these achievements the company's board of directors advised to distribute 12% of Jordinvest's profit earnings as dividends and 25% as bonus shares to shareholders.
On another note, an election for the Board of Directors took place. The new board will consist of 9 members headed by the Chairman Mr. Ahmad Tantash and an allocation of three seats for JD Capital in which Mr. Samir Al Ansari Chairman of JD Capital will be appointed as the vice Chairman and Mr. Samir Al Riffai and the 3rd seat will be allocated at a later stage . The firm's Board of Directors also includes the following, Mr. Haidar Sharif Haidar from the Social Security Corporation, Mr. Mazen Tantash, Mr. Jamal Fariz, imcan for Brokerage and Trading, and Mr. Ali Janoudi representing Tantash Group.
Furthermore, at the firm's Extraordinary General Assembly Meeting held on January 2006, Mr. Tantash stated that Jordinvest had increased its company capital at the beginning of the current business year to become JD 2361111 million as a direct result of the firm's strategic investment partnership with Jordan Dubai Capital (JD Capital). Mr. Tantash further stated, "We feel that JD Capital's investment in Jordinvest serves to further prove the high level of confidence that investors and business professionals in Jordan and the region have in our services. Through our partnership with JD Capital we hope to provide more quality services for our clients and we hope to provide financial solutions that further exceed their expectations. With the help of JD Capital we plan to expand on a regional scale. Furthermore, we hope to elevate the financial sector in the Kingdom so that it may reach new heights, and we are adamant on playing a pivotal role in bringing about economic development for Jordan."
During the Extraordinary General Assembly meeting held on Monday the 24th of April 2006, the decision to distribute 12% of Jordinvest's profit earnings as dividends and 25% as bonus shares to shareholders were both approved and accordingly the company's capital is now equivalent to 29.5 million shares.
Jordan Investment Trust (Jordinvest): Established in 1998 with headquarters based in Amman, Jordan Investment Trust (Jordinvest) is Jordan’s first public shareholding company offering its investors and clients a variety of integrated investment banking services in both the local and regional markets. Services include issuing bonds, restructuring, financial advisory, and asset management activities. Jordinvest adheres to ethics, confidentiality, fairness, quality of service, and client focus. It strives to become the institution with the greatest knowledge of the local and regional economies and capital markets to provide clients with successful investments.
© 2006 Al Bawaba (www.albawaba.com)
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