Global-Jordan closes 'Model Restaurants' subscription at JD380m

The public placement offered 6,250,000 per share/JD, which is equivalent to 25% of the company's paid up capital while 75% of the capital valued 18,750,000 million per share/JD was covered in full by the founders of the company.

The public offering commenced on end of last October and ended November 8th. One JD equals 0.4 Kuwaiti Dinars.

Mr. Sami Al-Nabulsi, Portfolio Manager- MENA Asset Management at Global-Jordan, said that the subscriptions process was through the Jordan Kuwait Bank and the Union Bank operating in the Kingdom of Jordan.

He pointed out that the subscription exceeded expectations with 48 thousand subscribers and over subscribed by 60 times.

Due to the large size of subscription the company will allocate shares based on its shares allocation methods as mentioned in the company's executive summary, Al-Nabulsi explained.

On the other hand, Mr. Haytham Al-Dahla, Vice President of the Founder's Committee expressed his pleasure with the placement's impressive results, commending the investment enthusiasm and diversity that was clear in the profile of local investors.

He added that even though the current money market circumstances are difficult, the public offering was extremely successful, which reflects the citizens and investors trust in the company and its strategy.

The "Model Restaurants" company goal is to market, prepare, and present restaurant guidelines and services by establishing and managing American style fast-food restaurants and franchises in accordance with the Kingdom international standards, ended Al-Dahla.