The Lead Manager and Financial Advisor for the exercise, one of the leading providers of comprehensive financial and investment services locally and regionally, Jordan Investment Trust Plc (Jordinvest) gave a briefing on the flotation of Inwan Investment PLC on the Amman Stock Exchange which will later be named Amlak Finance (Jordan).
In a briefing that was attended by the Kingdom’s top real estate players, finance managers, bankers, analysts, fund managers, CEOs and corporate chieftains, Jordinvest Wealth Management Head and Vice President Zeid Taher said the market in Jordan had never been better and IPOs received very good response.
“There is no better time to invest in Jordan given the strong market growth, political stability and continued real estate boom and we generally see IPOs achieving good premiums on their debut,” he said.
Earlier, Amlak Finance (Jordan), the largest listed Islamic mortgage-financing provider in the United Arab Emirates, announce that it would continue to expand in the Middle East with the establishment of Amlak Finance (Jordan) and listing of its shares on the Amman Stock Exchange next month (June).
Subscription for its Initial Public Offering (IPO) opens at 9.00 am on 19 May 2008 (Monday) and it ends at 5.00 pm on 1 June 2008 (Sunday). The subscription can be made at all branches of the ABC Bank, Jordan Kuwait Bank, and the Arabic Islamic International Bank in Jordan.
The consortium partners include 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 listed entity will be Shariah-compliant and will be based upon Amlak Finance’s Islamic financing approach. Amlak Finance (Jordan) will be the first public shareholding company specialising in mortgage financing services for the development and housing sectors that is in compliance with Shariah laws in Jordan.
Jordinvest Chairman and CEO Ahmad Tantash said, “The listing of the premier financial provider in the Hashemite Kingdom of Jordan facilitates Islamic Financing to a broad pool of investors seeking Islamic financial solutions, whilst strengthening the role of Islamic Finance in Jordan and the region.'
In its session held on 22 April 2008, the Jordanian Securities Commission (JSC) approved, by virtue of its resolution 192/2008, the registration of the Company’s capital shares of 55 million shares / Jordanian Dinars (JD). The JSC also approved the prospectus regarding the issuance of 13,750,000 shares for subscription through an initial public offering with a par value of JD1 per share.
Jordinvest provided a suite of “financial advisory” services to Inwan/Amlak Finance (Jordan) including developing its business plan and financial projections as well as preparing the prospectus. It will now manage the IPO and the listing of its shares on the Amman Stock Exchange.
© 2000 - 2022 Al Bawaba (www.albawaba.com)