Jordan Securities Commission Registers New securities 24/08/2011
24-Aug-2011
On August 23.2011 Jordan Securities Commission (JSC) represented by its Board of Commissioners & chaired by Dr. Bassam Saket, 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:
Registration of the 2nd issuance of Housing & Urban Development Corporation bonds at a maturity date on August 7.2013, at a value of JD (20) million & addressing the Securities Depository Center (SDC) to register them.
Registration of the 8th issuance of National Electricity Company bonds for the year 2011 at a maturity date on August 1.2013, at a value of JD (50) million & addressing the Securities Depository Center (SDC) to register them.
Registration of capital increase in shares of Societe Generale De Banque - Jordanie of (9.544.170) million shares by capitalizing JD (9.544.170) million from returned earnings as on December 31st.2010. Distribute these shares as free shares to shareholders; each shareholder according to his contribution in the capital. Fees must be settled as deemed proper.
Registration of capital increase in shares of Arab Real Estate Development (Arab Corp) Company of (50.789.023) million shares at a nominal value of JD (1) per share & an issuance discount of JD (0.70) per share, by capitalizing the payments account of capital increase of JD (15.236.707) million. Allocate these shares to the following shareholders:
Shareholder Number of Allocated Shares
Gulf General Investment Co 27.953.057
Gulf Oasis for Investment & Property Management Co 3.333.333
Mohammad Abdullah Ahmad Al-Kayal Al-Ali 15.442.833
Othman Mohammad Sharif Abdullah Zaman 4.059.800
Total 50.789.023
This allocation is made by capitalizing the payments account of capital increase of JD (15.236.707). The following terms must be fulfilled:
A. It is prohibited to deal in capital increase in shares allocated to shareholders stated in Jordan Securities Commission (JSC) official letter no. A/K 2011/145/896 on August 2.2011 for two years starting from the date of fulfilling issuance procedures at the (JSC).
B. Allocate shares referred to in Item (1) above at an issuance price of the share nominal value of JD (1) per share & an issuance discount of JD (0.7) per share or at an issuance price that is not less than (90%) of the share market value of which is higher on the date of the Board of Commissioners approval.