Jordan Securities Commission Registers New securities 17/08/2011
17-Aug-2011
On August 16.2011 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:
1. Registration of the 28th issuance of Jordanian Treasury bonds for the year 2011 at a maturity date on July 14.2013, at a value of JD (25) million & addressing the Securities Depository Center (SDC) to register them.
2. Registration of the 6th issuance of National Electricity Company bonds for the year 2011 at a maturity date on July 20.2013, at a value of JD (70) million & addressing the Securities Depository Center (SDC) to register them.
3. Registration of the 7th issuance of National Electricity Company bonds for the year 2011 at a maturity date on January 24.2013, at a value of JD (24.3) million & addressing the Securities Depository Center (SDC) to register them.
4. Registration of capital increase in shares of Arab International Union Insurance Company of (2) million shares by capitalizing JD (2) million from all returned earnings & voluntary reserves 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.
5. Registration of capital increase in shares of Dar Al Dawa Development & Investment Company of (3) million shares by capitalizing JD (3) million from returned earnings. Distribute these shares as free shares to shareholders; each shareholder according to his contribution in the capital. Fees must be settled as deemed proper.
6. Registration of capital increase in shares of Al-Tahdith Real Estate Investment Company of (300.000) thousand shares by capitalizing JD (200.415) thousand from returned earnings & all voluntary reserves of JD (99585). Distribute these shares as free shares to shareholders; each shareholder according to his contribution in the capital. Fees must be settled as deemed proper.
7. Registration of capital increase in shares of Jordan Investment & Finance Bank of (7.750.000) million shares by capitalizing JD (7.750.000) 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.
8. Registration of capital increase in shares of Jordan Wood Industries/JWICO of (0.5) million shares by capitalizing JD (0.5) million from returned earnings as on its financial statements 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.
9. Registration of capital increase in shares of Jordan Clothing Company of (700) thousand shares. Offer these shares to Company shareholders through public offer at an issuance price of JD (1) per share. Affect the relevant prospectus & settle fees as deemed proper.
The Board also approved to accredit a license to Awraq Investments Company to undertake Issuance Management/Best Efforts businesses. Fees must be settled as deemed proper. Moreover, 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 of 2005. These Instructions oblige these persons to have a license from the (JSC) to undertake such services:
No. Name Type of Accreditation Company
1 Emad Mohammad Salameh Investment Management International Financial Center
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.