Jordinvest appointed exclusive financial advisor and lead manager to National Steel Industry

The agreement assigns Jordinvest to advice, arrange and lead manage the National Steel Industry Co.'s capital restructuring process by which the capital will be raised from JD2m to JD6m, whereby JD2m will be raised through a rights issue and another JD2m through a private placement.

The agreement comprises of four phases; during the first phase, Jordinvest will conduct financial due diligence, modeling and valuation for the company thus creating a valuation report. The second phase will include financial projections and a feasibility study to determine the capital needed for expansion. The third phase will involve documenting the projections in a Private Placement Memorandum (PPM), while the fourth and final phase will entail the issuing of shares to attain new investors.

Mr. Ahmad Tantash, CEO of Jordinvest, said:

"We are very pleased with our cooperation with the National Steel Industry Company, as we at Jordinvest are particularly interested in supporting Jordan's industrial sector in line with our strong faith in the pivotal role this sector plays in supporting economic development and sustainability."

"We are confident that the National Steel Industry Company's future plans will in fact play a vital role in the growth of this sector in Jordan, particularly in light of the current economic challenges being faced today all over the world across various sectors," Tantash added.

Dr. Ghassan Mufleh, Chairman and CEO of National Steel Industry Co., also commented on this step, saying, "Our partnership with Jordinvest will support our capital raising operations and add value to them through the establishment of sound financial foundations, bringing us closer to achieving the results we strive for. We are always careful to adopt the latest methodologies in all our operations by partnering ourselves with industry experts such as Jordinvest."

Jordinvest is celebrating its 10th anniversary after having established its operations in the Jordanian market in 1998 as the first Jordanian public shareholding company to offer its clients a variety of integrated investment banking services in domestic, regional and international markets. Its services are primarily focused in asset management and financial advisory services, and include corporate restructuring, debt and capital raising, privatization operations, managing public offerings, issuing bonds, mergers and acquisitions, and conducting in-depth specialized economic, sectoral and equity research.