|
|
With a JD 145,610,306 subscription amount, covered 10.5898 times
Jordinvest Concludes Inwan Investment PLC (Amlak Finance - Jordan) IPO with Resounding Success
Amman, Jordan, June 2008 – Jordan Investment Trust P.L.C. (Jordinvest), one of the leading providers of comprehensive financial and investment services locally and regionally, announced the conclusion of the Initial Public Offering of Inwan Investment PLC (Amlak Finance – Jordan), the first public shareholding company specialized in mortgage financing services for the development and housing sectors in compliance with Shariah laws in Jordan. The subscription process was concluded in record time and with resounding success, with JD 145,610,306 amount subscribed and number of subscribers reaching 7,399. The subscription was covered 10.5898 times with a share allocation rate of 9.443%.
Jordinvest managed the initial public offering of 13,750,000 shares for subscription with a par value of JD1/share. Subscription started on Monday, 19 May and was concluded on Sunday, 1 June 2008. Subscription refund will be returned to subscribers at all Jordan Kuwait Bank branches in Jordan starting Tuesday, 10 June 2008.
Jordinvest has provided a number of financial advisory services that were instrumental to the success of the process, most notably, developing the prospectus, managing the IPO, and developing in cooperation with Inwan’s management, a business plan for the coming five years. In addition, Jordinvest will list the company’s shares on the Amman Stock Exchange. A major factor in the success of the process was the record time in which the results, allocation and subscription refund were announced and all the monitoring authorities, including the Securities Commission and its Securities Depository Center, were notified, which was only one week from the date the subscription was concluded.
Expressing his pride with the success of the subscription process, Mr. Ahmad Tantash, Jordinvest Chairman and CEO, said, “This success reflects the special care we take at Jordinvest to develop ourselves and achieve only the best in our collaboration with renowned companies like Amlak, particularly given our Shariah-compliant investments, which are becoming very popular worldwide. Our cooperation with Amlak was a unique experience that showcased the efforts of our team and culminated today in results exceeding all expectations. We are looking forward for more success in our future partnerships with locally and regionally renowned companies like Amlak.”
His Excellency the Chairman of the Company’s Founders’ Committee, Mr. Mifleh Aqel expressed his deep appreciation for the efforts exerted by Jordinvest to provide highly-professional and efficient financial advisory services. He was very optimistic about this step which comes in line with the Company’s plans to play a vital role in advancing the field of Shariah-compliant real estate financing in Jordan. He also affirmed the company’s endeavor to activate the market and offer appropriate solutions for the limited income bracket in accordance with HM King Abdullah II’s vision to secure decent housing for all social strata.
In a partnership that includes leading names in investment and development, namely, the Investment Unit of the Social Security Corporation, Jordan-Dubai Capital, ABC Bank, Jordan Kuwait Bank, , Amlak Finance – UAE, Global Investment House, Taameer Jordan and Al Masaken Real Estate Development Company, the company was established in accordance to the core business direction of Amlak Finance, which centers on providing Shariah-compliant financing and real estate investment services and products. Amlak Finance, the largest listed Shariah-compliant real estate financier in the UAE and the Middle East, has embarked on this venture as part of its overall regional expansion plans that are intended to position the company as the main regional provider of real estate financing services for developers of housing projects and those wishing to invest in them.
-Ends
|
Posted on Sunday, June 08, 2008 (Archive on Sunday, June 15, 2008)
Posted by admin Contributed by admin
| | Return |
|
|