Jordinvest Contributes to the Listing of Ihdathiat's Shares at the Amman Stock Exchange
Amman, Jordan (March 2006) – As a direct result of the ongoing efforts exerted by Jordan Investment Trust PLC (Jordinvest), Ihdathiat Real Estate Company is to list its shares at the Amman Stock Exchange this week. This development comes in light of an agreement made between both firms through which Jordinvest will be acting as the lead manager for the Initial Public Offering (IPO) of Ihdathiat's company shares which, in turn, are valued at JD 1,738,000 million.
It is interesting to note that all procedures pertaining to this particular development were completed in record time, and in accordance with the terms and conditions stated by the agreement signed between both firms last year. The terms and conditions that the agreement was comprised of were placed in accordance with the laws and regulations put forth by the Jordan's Securities Commission, and the Amman Stock Exchange.
Ihdathiat Real Estate Company had put up 58% of its JD 3 million allowed capital for Initial Public Offering. This operation had received high acceptance from investors both locally and regionally, whereby the total number of subscribers had reached 20,000, and the initial value of the IPO was oversubscribed by 5 times.
Commenting on these positive results, Chairman/CEO of Jordinvest Mr. Ahmad Tantash said; "We are happy to reap the fruits of both our efforts and our sound management of Ihdathiat Real Estate Company's IPO procedures. Our efforts were further rewarded with the release of the latter company's shares within the Amman Stock Exchange, and this achievement is nothing more than the result of the ongoing cooperation and understanding seen between the administrations of both firms. We at Jordinvest hope to see further great accomplishments made by Ihdathiat Real Estate Company in the near future; our similar beliefs make us achieve what we strive for and more."
The great level of interest that Ihdathiat Real Estate Company had received from both investors and business professionals is only a continuation of the general prosperity seen in the Jordanian real estate sector; the return on investment in this sector had been high, and the growth is still continued.
The Executive Vice President /Corporate Finance at Jordinvest Mr. Hani Al Ali commented on this new development by stating that the firm had successfully provided for the Ihdathiat Real Estate Company comprehensive financial consultancy services. "Our efforts had not been in vain as we were able, through our collaboration with Ihdathiat Real Estate Company, to solidify our presence in the market, and to also reinforce our reputation as market leaders in the fields of investment, finance, and consultancy. We have always ensured our clients' satisfaction both in local and regional markets. This agreement serves as further proof of our team members' capabilities, and especially those team members working in Corporate Finance Department , for they worked to make this achievement in record time. We at Jordinvest also acknowledge the efforts made by Jordan's Securities Commission, and the Amman Stock Exchange, for without their efforts we wouldn’t be where we are today," he said.