Jordinvest finalizes capital raise of JWICO for Depa Interiors Limited

Jordan Investment Trust PLC (Jordinvest), a leading provider of integrated investment and financial services locally and regionally, announced the signing of an agreement with Jordan Wood Industries (JWICO) and Depa Interiors Limited (Depa), a leading provider of interior contracting services in the Middle East and North Africa, to raise JWICO's capital, introduce Depa as a new strategic partner in JWICO's investments, and conclude the private placement process.

This partnership took place over two phases. In the first phase, Jordinvest and other investors sold part of their shares in JWICO to Depa. During the second phase, Depa raised JWICO's capital by buying 1 million new shares thereby increasing its investment in JWICO to 36.4%.

Jordinvest was the lead manager of this transaction.

The deal was concluded after a series of advisory and due diligence followed by the approval of main shareholders and investors and Jordan Securities Commission, upon which the shares were issued for private Subscription.
Jordinvest's investment in JWICO began in 2001.

Over the years, JWICO attained remarkable success and growth and the highest sales in its history with an outstanding profit margin.

The boom in the Jordanian economy and especially the real estate sector was the main catalyst behind this success. With its global expertise, Depa comes on board today as a new partner to expand and add new vision and innovation to JWICO's projects to attain a regional presence.

Commenting on this agreement, Mr. Ahmad Tantash, Jordinvest's Chairman and CEO, said, "This agreement comes as part of our exit strategy that we adopt in our investment policies.

We are proud of what we have achieved by investing in JWICO and see in Depa the perfect partner with a forward vision to capitalize on what we have achieved so far. We encourage ambitious investments that contribute to the development and progress of our economy."

JWICO offers high quality services in the wood industry by providing a variety of products, including doors, kitchens, bedroom and offices to its clients in Jordan and the region.

Similarly, Depa Interiors Limited, headquartered in Dubai, specializes in sophisticated interior design for world-class hotels, yachts and apartments.

Depa has provided the interior design for different hotels in Jordan, Bahrain and the UAE, in addition to hotels in France, Greece, Switzerland, and the USA, among others.