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                16/02/2016Jordan Securities Commission Registers new securities 16/2/2016
                13/10/2011Increase in Capital of Winter Valley Investment Company 13/10/2011
                 

                Under the chairmanship of Dr Bassam Saket, Jordan Securities Commission (JSC) Board of Commissioners decided on October 12.2011to approve covering of unsubscribed increase in shares capital of Winter Valley Investment Company of (405,382) shares & enforcing the prospectus related to offering these shares to subscription via public offer to Company shareholders at a nominal value of (1) per share & an issuance deduction of (250) Fils. Company owners Subscription Right shall be to the end of the 15th day of (JSC) approval date to cover these shares. Instructions of Dealing with Subscription Rights are not applicable on these shares.

                 
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                02/10/2011Approve Registration of New Securities of Falcon for Investments & Financial Services Company 02/10/2011
                 

                On September 29.2011 Jordan Securities Commission (JSC) Board of Commissioners, decided to approve new securities registration of Falcon for Investments & Financial Services Company. Provisions of Article (5) of the Securities Law No. 76 for the year 2002 stipulate that: ‘Every Issuer in the Kingdom shall submit to the Commission an application for registering securities therewith in accordance with the Instructions issued by the Board’. By virtue of this Article every issuer of securities is obliged to submit to the (JSC) an application to register these securities & to have (JSC) prior approval.

                The Board of Commissioners approved the following:
                Registration of capital increase in shares of Falcon for Investments & Financial Services Company of (7.550.000) million shares at a nominal value of JD (1) per share or (90%) of the share market price of which is higher on the approval date of the Board of Commissioners. Allocating these shares & ratios to the following Strategic Partners:
                • Thel Al-Urdon for General Trading Limited Liability Company (500.000) thousand shares.
                • Al-Zawaya Al-Arba’ah for Financial & Real Estate Investments Limited Liability Company (6.300.000) million shares.
                • Jordan Masaken for Land & Industrial Development Projects Public Shareholding Company (750.000) thousand shares.

                The following terms must be fulfilled:
                • It is prohibited to deal in these shares for two years starting from the date of fulfilling issuance procedures at the (JSC).
                • Shares issuance procedures must be fulfilled within (10) working days from notifying the Company of the Board of Commissioners decision.
                • Prior disclosure of any dealings between the Strategic Partners & Falcon for Investments & Financial Services Company.
                • As approved by the Board of Commissioners decision number 28/2011, comply with distributing the allocations of the capital increase & prior disclosure of any benefit from the issuance outcome.
                • Fees must be settled as deemed proper.
                • Submit a disclosure report mainly including the following:
                1. Brief of the Company extraordinary general meeting including the approval of the capital increase, method of covering the increase, relevant Board of Directors decisions & the Company request.
                2. Approval of the Minister of Industry & Commerce on the decision of the extraordinary general meeting & a letter from the Company Controller regarding fulfilling the procedures of capital increase.
                3. Written text of the Board of Commissioners approval to register capital increase in shares.
                4. Clarification of the purpose of the capital increase & means to benefit from the issuance outcome.

                Declaration from the Company Board of Directors stating that the information in the disclosure report is correct & accurate, that this report includes all material facts that may affect shares prices & trading volumes as well, their liabilities.

                To regulate the issuance process, its appropriateness & disclosure, the Instructions of Issuance & Registration of Securities for the Year 2005 oblige the Company/the Issuer with the following: “the Issuer shall publish at least twice in two local daily newspapers about the data & information related to the issuance process, including the issuance value & the parties to which that issuance is allotted”. The approval number & date of the Board of Commissioners decision to register these shares must be indicated clearly & the (JSC) must be notified.

                 
                Dated: October 2.2011.

                 

                 

                 
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                29/09/2011Al-Faris National Company for Investment & Export 29/9/2011
                 

                Al-Faris National Company for Investment & Export
                September 29.2011


                Under the Chairmanship of Dr. Bassam Saket, Jordan Securities Commission (JSC) Board of Commissioners decided on September 29.2011 to refer to the Competent Court Burj Pizza for Investment & Export Company & Mr. Sinan Qusheh, for violating the provisions of Article (108) of the Securities Law. This Article stipulates the following: “trading in securities or influencing others to trade in such securities on the basis of Inside Information, using inside or confidential information to attain material or moral gains whether for his own benefit or for the benefit of others or disclosing Inside Information to other than the competent authorities or the Courts”.

                The Board of Commissioners also decided to fulfill its current investigations in possible violations of the Securities Law of Al-Faris National Investment & Export Company for providing the (JSC) with false financial statements. Furthermore, the Board decided to fulfill its current investigations in possible violations of the Company Auditors Messrs Qusheh & Partners (Legal Auditors) of the provisions of Article (107/C) of the Securities Law. This Article stipulates the following: “certifying by an auditor or accountant of false or misleading financial statements”.

                Moreover, the Board of Commissioners decided to address the Company General Controller & the Anti Corruption Commission of possible violations of the Board of Directors of Al-Faris National Investment & Export Company. The Commission noticed upon reviewing this Company & people in charge, possible violations of the Securities Law that may be related to some practices & acts violating the enforced Companies & Sanctions Laws.

                The Commission fulfilled the required measures relevant to violations within its jurisdiction & referred violations relevant to the Companies Controller to the General Companies Controller to take proper actions by virtue of the provisions of the Companies Law. The (JSC) provided the Anti Corruption Commission with necessary documents concerning violations made by this Company, within the realm of cooperation & coordination between these two entities.
                It is worthy to mention that (JSC) Board of Commissioners decided on July 6.2010 to suspend trading in shares of Al-Faris National Investment & Export Company for not providing the (JSC) with financial statements. The Amman Stock Exchange (ASE) continues also to suspend the Company share from trading for purposes related to decreasing its capital.


                 

                 
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                29/09/2011JSC Suspends Trading of Members of Board of Directors of Some Companies that did not Provide JSC with the Annual Report & Registers New Securities 29/09/2011
                 

                JSC Suspends Trading of Members of Board of Directors of Some Companies that did not Provide JSC with the Annual Report & Registers New Securities


                Under Chairmanship of Dr. Bassam Saket, Jordan Securities Commission (JSC) Board of Commissioners decided on September 28.2011 to suspend trading of shares of the members of the Board of Directors & of the General & Financial Managers of companies that did not provide the (JSC) with the 2010 annual report & did not provide the Amman Stock Exchange (ASE) with the 2011 semiannual report until this date. Their trading will be suspended starting on September 29.2011 trading session, for either their own benefit or for companies under their control. This action is taken against them as a result of violating the provisions of Articles (4) & (6) of the Instructions of Disclosure. These Instructions oblige companies to provide the (JSC) with the annual & semiannual reports. These companies are:

                1. Middle East Complex for Engineering, Electronics & Heavy Industries.
                2. Al-Barakah Takaful.
                3. Union Arab Investors.
                The Board of Commissioners also decided to grant the following companies 10 days to provide the annual report under legal liability stipulated in the Securities Law:

                1. Al-Rou’ya for Investment.
                2. Arab Modern Company for Private Education.
                3. Al-Kindi Pharmaceutical Industries.
                4. Al-Ahlia Enterprises.
                5. Amwal Invest.
                6. Awtad Investments.
                7. Ard Annomow for Real Estate Investment & Housing.
                8. United Group Holdings.
                9. Al-Qaria Food & Vegetable Oil Industries.
                10.  Afia International-Jordan.
                11.  Jo Emirates Insurance.
                12.  Union Arab Investors.
                13.  Arab Real Estate Development.
                14.  Investors & Eastern Arab for Industrial & Real Estate Investment.
                15.  Model Restaurant.
                16.  Israa Islamic Finance.
                17.  Rum Aladdin Industries.
                18.  Jordan Rock Wool Industries.
                19.  Middle East Complex for Engineering, Electricity & Heavy Industries.
                20.  United Integrated for Multiple Industries & Investments.
                21.  Al-Januob Filters Manufacturing.
                22.  Al-Barakah Takaful.
                23.  Jordan Petroleum Refinery.
                24.  Amana for Agricultural & Industrial Investment.

                It is worthy to mention that provisions of Articles (8) & (12) of the Securities Law entitle the (JSC) & the Board of Commissioners to undertake all necessary measures to protect investors in securities & to achieve the Commission’s objectives in accordance with the provisions of this Law.

                The Board of Commissioners also decided to approve new securities registration to a number of companies. Provisions of Article (5) of the Securities Law No. 76 for the year 2002 stipulate that: ‘Every Issuer in the Kingdom shall submit to the Commission an application for registering securities therewith in accordance with the Instructions issued by the Board’. By virtue of this Article every issuer of securities is obliged to submit to the (JSC) an application to register these securities & to have (JSC) prior approval.

                The Board of Commissioners approved the following:
                1. Registration of the 3rd issuance of Housing & Urban Development Corporation bonds at a maturity date on August 18.2013, at a value of JD (25) million & addressing the Securities Depository Center (SDC) to register them.
                2. Registration of the 9th issuance of National Electricity Company bonds, at a maturity date on August 24.2014, at a value of JD (100) million & addressing the Securities Depository Center (SDC) to register them.
                3. Registration of the 17th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on March 7.2012, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.
                4. Registration of the 52th issuance of Water Authority bonds, at a maturity date on August 28.2014, at a value of JD (50) million & addressing the Securities Depository Center (SDC) to register them.
                5. Approve registration of capital increase in shares of Siniora Food Industries Company of (3.100.417) million shares by capitalizing JD (2.437.679) million from voluntary reserves & capitalizing JD  (662.738) thousand from returned earnings. Distribute this increase to shareholders; each shareholder according to his contribution in the capital, in condition that dealing in these shares shall be prohibited until the prohibition period is over. Fees must be settled as deemed proper.
                6. Registration of the 29th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on September 13.2014, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.
                The Board of Commissioners approved to grant a license to Asia Stock Brokerage Company to undertake Margin Finance Businesses & to accredit the following new natural persons to undertake Financial Services Businesses, by virtue of the provisions of Articles (47) & (48) of the Securities Law No. 76 for the year 2002 & of the Instructions of Financial Services Licensing & Registration for the year 2005. These Instructions oblige these persons to have a license from the (JSC) to undertake such services:

                Number Name Type of Accreditation Company
                1 Adel Mohammad Saleh Bsysyh Investment Management & Financial Brokerage Al-Bilad for Securities & Investments
                2 Tareq Fahed Jebreen Investment Management & Financial Consultation United Financial Investments

                The above stated Instructions stipulate that licensee should pay the (JSC) the required fees. (JSC) also stipulates a number of terms that must be fulfilled by the applicant, to be granted an accreditation for a natural person, mainly the following:

                • Be competent, of good reputation & manners.
                • Holder of a Bachelor Degree.
                • Successfully pass examinations held by the (JSC).
                • Participated in courses approved by the (JSC) for acquiring the required registration.

                Date: Sep.29.2011.

                 

                 
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