Jordan Securities Commission Approves Jordinvest’s Capital Raise through a private placement to Jordan Dubai Capital

Amman, Jordan (April 2006)-The Jordan Securities Commission recently approved Jordinvest’s request to raise its capital by 6,611,111 shares to reach more than 23 million Dinars, through a private placement to the strategic partner Jordan Dubai Capital (JD Capital) with a lock up period of 2 years on 90% of the new shares.

JD Capital acquired 6,611,111 shares which represent 28% of Jordinvest’s new capital, making

JD Capital the most influential strategic investor.

The Jordan Securities Commission approved Jordinvest’s request to raise its capital according to specific terms which require JD Capital to fulfill the shares value in full. JD Capital and Tantash Group have committed not to sell 90% of the new shares for the period of two years from the date of acquisition. The new shares allocated to JD Capital will participate in Jordinvest’s profits according to the prevailing Companies Law. This lock up period indicates the two partners’ seriousness and underlines JD Capital's concern for the continuity of this partnership and the guarantee of Jordinvest interests.

This new investment is considered as part of JD Capital's strategy in seizing unique investment opportunities, contributing to empowering local, promising Jordanian companies, and taking full advantage of the vast capabilities  enjoyed by JD Capital, particularly its relationships with regional markets namely with its ally, Dubai International Capital, the investment vehicle of the giant group Dubai Holding.           

As Jordinvest continues to expand in the local and regional financial sectors, its new partnership with JD Capital will only prove to be beneficial in building Jordinvest’s credibility and opening new opportunities. JD Capital and Jordinvest’s partnership will also allow both parties to expand in Jordan and the region at large.   

In light of this new development, Chairman and CEO of Jordinvest, Mr. Ahmad Tantash stated, "Business professionals and investors have a high level of trust and confidence in our services and I believe that JD Capital's investment in Jordinvest is only further proof of our professionalism and strong reputation in the Jordanian market. We anticipate that our partnership with JD Capital will allow us to further enhance our services so that we may exceed the expectations of our clients in Jordan and across the region. We look forward to elevating the quality of services through this partnership and in turn help elevate our national economy to new heights."

From his side HE Samir Z. Al-Rifai, CEO at JD Capital, welcomed the existing partnership with Jordinvest and said: “Our partnership with Jordinvest comes as a part of our corporate strategy to explore unique investment opportunities in the kingdom. I am confident that this strategic partnership and this latest development represent a fruitful investment opportunity for both companies.

This will allow Jordinvest to benefit from JD Capital's relationships, particularly with Dubai International Capital, the investment arm of Dubai holding. This new partnership will enhance the company's role as a new investor inside Jordan and abroad, in line with JD Capital's investment vision. “