Global-Jordan announces private placement of Bindar Trading & Investment Co. PLC

Global-Jordan was the issue's lead manager and structuring agent, while The Housing Bank for Trading and Finance was the underwriter.

Bindar is a public share-holding company based in Jordan.

Its main business activities are to provide consumer financing, primarily for motor vehicles and real estate.

The Company is also engaged in raw materials and finished products trading, as well as car renting activities

According to Global-Jordan's Head of Investment Banking, Mr. Sami Nabulsi, "Bindar witnessed several notable changes in the period between 2004 and 2007.

In 2004, Bindar became a public shareholding company.

The Company's capital was later restructured and increased in several stages to reach JD13m in 2007. The restructuring efforts of the Company's capital provided Bindar with the liquidity necessary to expand its operations and diversify its client base, which reflected positively on its profitability".

Bindar, headquartered in Amman, currently has three wholly owned subsidiaries, namely A'ayan Trading Agencies and Investment Ltd., Mouta'alika Rent a Car Ltd. and Al Sahm Al Feddi Rent a Car Ltd.

According to Nabulsi, "Bindar is a non-banking financing body, which provides the company with remarkable flexibility reflected in the Company's ability to promptly approve credit facility applications, permit early repayments, and take several other measures from which commercial banks are typically constrained."

Nabulsi concluded that "this flexibility attracts a wide client base and equips Bindar with a solid competitive edge."

Mr. Bassam Hammad, the General Manager of Bindar stated, "Bindar has strong growth credentials that are demonstrated in the 240% average annual growth rate in profitability between 2004 and 2007; not to mention an average annual growth rate of 280% in our loan portfolio, which grew from JD1.3m in 2004 to JD18.6m in 2007. In order to cope with this continuous growth, Bindar requires supplementary short-term debt facilities that will finance the Company's working capital needs."

Mr. Hammad added that, "We chose Global-Jordan as our issue's lead manager because it has a proven track record and a solid reputation in the industry".