Jordan Investment Trust (Jordinvest) has launched the initial public offering of Inwan Investment.
The move will change its name to Amlak Finance (Jordan), whereby Jordinvest will act as the Lead Manager and Financial Advisor, which will be the first public shareholding company specialised in mortgage financing services for the development and housing sectors in compliance with Shariah laws in Jordan.
The Jordanian Securities Commission has approved the registration of the company’s capital shares of 55 million shares/Jordanian Dinars and the prospectus regarding the issuance of 13,750,000 shares for subscription through an initial public offering with a par value of JD1/share.
Subscription started on Monday (May 19, 2008) at all the branches of the ABC Bank, Jordan Kuwait Bank, and the Arabic Islamic International Bank in the kingdom, and end on the evening of Sunday, June 1, 2008.
Jordinvest has provided a number of financial advisory services, most notably, developing the Company’s business plan and financial projections, preparing the prospectus, managing the IPO and listing its shares on the Amman Stock Exchange.
Jordinvest Chairman and CEO Ahmad Tantash indicated that he was very optimistic about the outcome of this IPO.
He considered this partnership a significant addition to Jordinvest’s track record, especially with its focus on supporting and developing Shariah-compliant investments, which are becoming very popular worldwide, in addition to its ongoing efforts to enhance the services it provides to leading business establishments, not only in Jordan but in the Region as a whole.
Company’s Founders Committee chairman Mifleh Aqel appreciated the efforts exerted by Jordinvest to provide highly-professional and efficient financial advisory services.
He was very optimistic about this step which comes in line with the Company’s plans to play a vital role in advancing the field of Shariah-compliant real estate financing in Jordan.
He also affirmed the company’s endeavor to activate the market and offer appropriate solutions for the limited income bracket in accordance with HM King Abdullah II’s vision to secure decent housing for all social strata. – TradeArabia News Service