Jordan Investment Trust PLC (Jordinvest) signed late last week an agreement with the Industrial Commercial and Agriculture Company PLC (ICA). The agreement that was signed at Jordinvest's premises, stipulates that Jordinvest acts as an exclusive financial advisor, arranger and lead manager for ICA related to the proposed expansion, restructuring, and securities offering for four companies, four factories and three companies under establishment.
The agreement which was signed by Jordinvest's Chairman and CEO, Ahmad Tantash and ICA's Chairman Mohammad Abu Hassan comes inline with Jordinvest's pioneering objective of providing unique financial and advisory services that meet its clients’ needs. Specializing in providing management of private placements and initial public offerings, the issuing of bonds, mergers and acquisitions, and asset management services, Jordinvest will aid the Industrial Commercial and Agriculture Company PLC (ICA) achieve its objectives of expansion.
Jordinvest's newest client, the Industrial Commercial and Agricultural Company (ICA) is a holding public shareholding company that was established in 1961 with a capital of JD2,500,000 (US$3,525,000), which has been increased to become JD18,000,000 (US$25,380,000).
Commenting on the agreement Ahmad Tantash, Chairman and CEO of Jordinvest said, "We are very pleased with this partnership. We believe that the trust ICA has given to us strengthens our role as a leading financial services' provider. Our team will be hopefully beneficial in supporting the development of the industrial sector through providing our new partners with their needs."
On behalf of Industrial Commercial and Agriculture Co., Mohammad Abu Hassan, Chairman said," It has been imperative for us to work on expanding and developing our business. Jordinvest has proven to be a leading company that services its clients to highest of standards; partnering with such caliber will be of great benefit to us in achieving our objectives."
ICA, which now hires more than 250 employees was inaugurated by Late King Hussein Bin Talal in 1963 when he gave it the name of “Al-Hussein Industrial City”. The Company has remarkably developed during these forty four years and accumulated great experiences. It established relations with major international companies and exerted great efforts to apply the most up-to-date programs and systems in the fields of management, industrialization and marketing. The Company was awarded the ISO 9002 Certificate in 1997, and was awarded the Jordan Quality Certificate in the years 98, 99, and 2000.
To improve the conditions of its employees, the Company has adopted the (HAPPI) system, and to control its products of foodstuffs, it has adopted the (HACCP) system. Within its walls, the Company contains the following factories: Liquid Detergent Factory, Cosmetic Factory, Plastic Factory, and the Printing House, and owns the following subsidiaries: INTAJ Marketing and Distribution Company, United Soap Company and United Sulphochemical and Detergent Company.
