JSC 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.