E&Y named advisor for Jordan Mortgage merger
Amman, March 29, 2010
Ernst & Young has been appointed as financial advisor for the merger between the Jordan Mortgage Refinance Company and the Jordan Loan Guarantee Corporation.
The decision from the 'Higher Committee to Facilitate Access to Finance' came as part of its recommendations that were recently approved by the Jordanian Cabinet of Ministers.
The Higher Committee, chaired by Faris Sharaf recommended the merger of the two companies with the aim of expanding the objectives of the two companies and increasing the capital base of the merged entity.
Ernst & Young’s financial advisory and structuring services for the merger will include reviewing the companies’ financial situation over the past five years, compiling five-year financial models for the coming years, valuating both companies, the drafting of a merger agreement, in addition to a number of other tasks.
Commenting on the appointment, Bishr Ibrahim Baker, managing partner at Ernst & Young, Jordan, said: “We are extremely proud of the confidence that has been placed in us by the Higher Committee, and we look forward to providing our support to the committee in achieving the objectives behind the merger in the long term and enhancing the efficiency of both companies towards achieving their developmental objectives.”
Ernst & Young is one of the biggest local and international leaders in assurance, tax, transaction and advisory services, and began its operations in Amman, Jordan, in 1953.-TradeArabia News Service