First Jordan receives capital increase placement approval

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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.