Board of Commissioners Decisions on November 26.2013
01-Jan-2014
On November 26.2013 Jordan Securities Commission (JSC) Board of Commissioners chaired by HE Mr Mohammed Saleh Hourani approved the following for Bindar Trading and Investment Company:
1. Extend the period of time to retain Treasury Stocks of (200.000) thousand shares from November 29.2013 to April 30.2014.
2. Purchase Treasury Stocks of (21.463) thousand shares. The disposal of the whole account of Treasury Stocks shall be at the end of the specified period of time in Item (1) above in conformity with the effective Instructions to Treasury Stocks. The purchase announcement shall include the approval of the Commission to extend the period of time to retain these shares.
On November 27.2013 the Board of Commissioners chaired by HE Mr Hourani decided by virtue of the provisions of Articles (8 and 12) of the Securities Law No (76) for the year 2002 the following:
1. Approve to register capital increase in shares of Babelon Investments Company of (1.5) million shares at an issuance price of JD (1) per share, via non public issuance and allocate these shares to “Qewar Investment Company”, a shareholder. The following terms must be fulfilled:
A. Prohibit dealing in the capital increase in these shares for two years from the date of returning shares to trading.
B. By virtue of the effective legislations, the Company investment percent in securities shall not exceed (50%) of its total assets.
C. Provide the Commission with a future clear Work Plan of the Company’s operations since it did not previously practice real activities.
D. Prior to disclosing the issuance outcome.
E. Shares issuance procedures must be fulfilled within at least (10) working days of the date of fulfilling requirements referred to above.
F. Fees must be settled duly.
The Board requested that the Company amends its Memorandum of Association and its Articles of Association by cancelling the purpose related to processes of buying and selling securities for the account of others, since the Company is unlicensed to undertake such activities. The Board requested it also to provide the Commission with a proof.
2. Approve to register capital increase in shares of Injaz for Development and Projects Company of (11.500.000) million shares via non public offer and allocate these shares to “Zeyad Khalaf Mohammed Al-Manaseer”, a shareholder at a nominal value of JD (1) per share or (90%) of the share closure price of which is higher on the approval date of the Board. The following terms must be fulfilled:
A. Prohibit dealing in the capital increase in these shares for one year starting from the date of fulfilling issuance procedures at the Commission.
B. Issuance procedures must be fulfilled within (30) working days from notifying the Company of the Board of Commissioners decision.
C. Prior to disclosing the issuance outcome.
D. Fees must be settled duly.
Furthermore, on December 3.2013 the Board of Commissioners chaired by HE Mr Mohammed Saleh Hourani decided to register capital increase in shares of Union Tobacco and Cigarette Industries Company of JD (83.657) thousand shares. These shares resulted from the merger between two companies: Union Advanced Industries and Union Tobacco and Cigarette Industries. They represent the remaining shares to Union Advanced Industries Company shareholders excluding Union Tobacco and Cigarette Industries Company.