/24-7PressRelease/ - AMMAN, JORDAN, October 06, 2005 - Jordan Investment Trust PLC (Jordinvest) has signed an agreement of cooperation with Ihdathiat Real Estate Company (under formation) to provide them with financial advisory services as well as manage the company's initial public offering (IPO).
"Ihdathiat Real Estate Co. which is under formation will specialize in real estate development in the Jordanian market," stated Mr. Amjad Bakri, chairman of the founders committee for Ihdathiat Company. "The company was founded by Jordanians in addition to a foreign partner with an authorized capital of JD 3 million of which about 42 percent has been paid up by the founders. The remaining 58 percent will be offered in an IPO."
The agreement stipulates that Ihdathiat Real Estate Co. (under formation) will issue 1.738 million shares at par value of JD1 per share in an IPO managed by Jordinvest to reach its authorized capital of JD3 million. The IPO aims at enhancing the company's financial capacity and facilitating its business objectives in the local real estate sector.
Upon signing the agreement, Ahmad Tantash, CEO /Vice Chairman of Jordinvest stated, "Jordinvest is proud to sign this agreement with Ihdathiat Real Estate Co. (under formation) and their confidence in us demonstrates our superior financial capabilities and our expertise in handling IPOs."
Mr. Tantash added, "An IPO for a newly-established company needs extensive knowledge of the targeted market and its potentials. As there is now intense competition among the existing real estate companies in Jordan, we believe that the policy to release the IPO must be competent enough to achieve its desired objectives. Accordingly we are happy to have this opportunity to utilize our extensive experience for the advantage of our client."
Mr. Hani Al Ali, Jordinvest's Executive Vice-President/Corporate Finance said, "We are working on a clear strategy to enhance our customer base by reaching out to those local enterprises that are involved in economic development and helping them meet their objectives. This agreement with Ihdathiat is an important addition to our portfolio of clients and meets our aim of diversification."
Issued on behalf of Jordan Investment Trust PLC (Jordinvest) by TRACCS Jordan.
For further information, please contact:
TRACCS Jordan
Tel: + 962 6 592 4114
Fax: + 962 6 592 4334
Email: jordan@traccs.net
Website: http://www.traccs.net
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