Jordan Securities Commission Registers New Securities on March 23.2011

On March 23.2011 Jordan Securities Commission (JSC) represented by its Board of Commissioners & chaired by Dr. Bassam Saket, decided to approve new securities registration. 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 11th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on March 8.2013, at a value of JD (72.5) million & addressing the Securities Depository Center (SDC) to register them.
2. Registration of the 7th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on March 10.2012, at a value of JD (35) million & addressing the Securities Depository Center (SDC) to register them.
3. Registration of capital shares of Northern Cement Company of JD (55) million shares at the nominal value,
& approving the relevant prospectus, taking into account the following:

        • JD (50) million/shares resulting from converting the company legal capacity from a limited liability company to a public shareholding one.
        • JD (2.750.000) million/shares through public offer.
        • JD (2.250.000) million/shares through equal allocation between Sama Al-Yamamah Limited Company & Dyar Najed for Contracting & Trading Limited Company.

The following terms must be fulfilled:

• Shares resulting from converting the company legal capacity from a limited liability company to a public shareholding one amounting (50) million shares, shall be considered as foundation shares on the registration date of these shares at the Jordan Securities Commission (JSC).
• It is prohibited to deal in shares allocated to Sama Al-Yamamah Limited Company & Dyar Najed for Contracting & Trading Limited Company for two years starting from the date of fulfilling issuance procedures at the (JSC).
• Shares issuance procedures allocated to Sama Al-Yamamah Limited Company & Dyar Najed for Contracting & Trading Limited Company must be fulfilled within (10) working days from notifying the company of the Board of Commissioners decision.
4. Registration of the 6th issuance of Jordanian Treasury bills for the year 2011 at a maturity date on September 7.2011, at a value of JD (75) million & addressing the Securities Depository Center (SDC) to register them.

5. Registration of capital increase in shares of Bank of Jordan of (45.1) million shares by capitalizing:

• JD (4.019.058) of returned earnings.
• JD (24.680.942) of voluntary reserves.
• JD (16.400.000) of issuance premium & distributing them as free shares to shareholders; each shareholder according to his contribution in the capital.

To organize issuance & disclosure processes, the Instructions of Issuance & Registration of Securities for the year 2005 oblige the Company/the Issuer with the following:

• Publish at least twice, in two local daily newspapers about data & information related to the issuance process, including issuance value & parties allotted to it this issuance. Indicate clearly, the number & date of the Board of Commissioners approval decision to register these shares & inform the (JSC).
• Publish the text of the advertisement of shares subscription at least twice, in two local daily newspapers. Indicate clearly, the number & date of the Board of Commissioners decision approval to register these shares & inform the (JSC) in no less than seven days prior to the specified date of commencement.
• Announce publically, registration of capital increase in shares. Indicate clearly, the number & date of the Board of Commissioners approval to register these shares.
The Board approved 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:

No.              Name                           Type of Accreditation                                                                   Company
1          Bassam Ghazi Sandoqa     Investment Management & Financial Consultations           Arab Co-operation for Financial Investments Co.
2          Samer Munir Azzar           Investment Management & Financial Consultations           Arab Co-operation for Financial Investments Co.
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.