Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

First Jordan placement approved  Join our daily free Newsletter

MENAFN Press - 15/07/2007

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Global Investment House "Global" announced today that First Jordan Investment Company received approval for capital increase placement in the Hashemite Kingdom of Jordan.

Mr. Omar Mahmoud El-Quqa, Executive Vice- President of Global, said that the Commissioners Security of Jordan approved First Jordan's placement to increase its capital, which is a step towards implementing the company's future plans to seize the investment opportunities present in Jordan.

He added, "We are glad to have received the official approval to register the company after it fulfilled the Commission's requirements." "This gives us the opportunity to start the first phase of the company's ambitious strategy and execute the planned investment projects in the different sectors of the Jordanian economy."

The company will offer 60 million shares at 1 Jordanian Dinar/share (apprx 0.405 Kuwaiti Dinar) for placement.

El-Quqa pointed that First Jordan aims to invest in various sectors, own shares from existing companies, or establish new companies in Jordan.

"This will be done through the strategic cooperation with established companies that the company will assist them in financial restructuring, capital increases, and acquiring major stakes in unlisted and listed securities."

He followed by saying that First Jordan will also invest in the real estate sector, in addition to other investment activities that are deemed appropriate and inline with its business strategy and goals.

Last May, Global established First Jordan with a capital of JD150 million (apprx. KD61 million).

Global's EVP noted that the company's first project is to establish a business center in the Aqaba which Global last year signed a memorandum of understanding with the Aqaba Development Corporation (ADC), the investment arm of Aqaba Special Economic Zone Authority.

The project will be located at the main entry of Aqaba City with an area of approximately 150,000 m2. The project comes as an outcome of the Memorandum of Understanding (MOU) signed last September with the ADC, he explained.

El-Quqa concluded that Global believes that there are several reasons to stimulate investments in Jordan due to its eminent strategic location, political stability and free capital market.

It is worth mentioning that Jordan is moving at an accelerated pace in the privatization of its infrastructure and utility services. Such as, exemptions of no income tax and social services for a period of ten years are given to company's with special projects.

Global plans to increase its investments in Jordanian market in the upcoming period as Jordanian government provides a very fertile business environment for the foreign investors.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help