Jordan Securities Commission Registers New Securities 05/06/2012
06-Jun-2012
On June 5.2012 Jordan Securities Commission (JSC) chaired by the Board’s Chairman Mr. Mohammad Tash & the membership of the following Commissioners: Deputy Chairman Dr Ahmad Mustafa, Mr. Mansour Haddadin, Mrs. Muna Al-Mufti & Mr. Majd Shafiq, decided to approve new securities registration for a number of companies. Provisions of Article (5) of the Securities Law No (76) for the year 2002 stipulates 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 capital increase in shares of Jordan Dubai Islamic Bank of (11) million shares, at an issuance price of (90%) of the share closing price by the end of the 15 day of (JSC) approval to register this capital increase or at an issuance price of JD (1), whichever is less. Affecting the relevant prospectus, in condition that the Bank provides the (JSC) with the Central Bank of Jordan approval prior the end of the 15 day of this decision.
2. Registration of capital increase in shares of Arab Orient Insurance Company of (1.225.000) million shares, via capitalizing JD (1.225.000) of returned earnings. Distributing this increase to shareholders as free shares; each shareholder according to his contribution in the capital.
3. Registration of capital increase in shares of Jordan Islamic Bank of (25) million shares. Distributing this increase to shareholders as free shares; each shareholder according to his contribution in the capital. The capital increase in shares will be covered as follows:
• JD (3.011.985) million of private reserves.
• JD (10) million of voluntary reserves.
• JD (11.988.015) million of returned earnings.
4. Allow a shareholder of Jordan Ahli Bank to practice his subscription right in capital increase in shares according to the number of shares he owns, as it is at the end of the trading rights period of time. Allow him to transfer his shares ownership via the Securities Depository Center (SDC).
The Instructions of Issuance & Registration of Securities for the year 2005 oblige companies having the approval to register capital increase in shares to the following:
• Publish at least twice in two local daily newspapers the data & information of the issuance process, including its value & parties allotted to them this issuance. The approval number & date of the Board of Commissioners decision to register these shares must be indicated clearly & (JSC) must be notified.
• Issue a public declaration of registering capital increase in shares. The approval number & date of the Board of Commissioners decision must be indicated clearly.
The Board of Commissioners also decided to grant a license to Global Investment House Company/Jordan to undertake the businesses of a Dealer, in condition that the Company is obliged to the following:
• The total value of the Company portfolio must not exceed (30%) of the net ownership rights at any time.
• Diversify in the Company portfolio in condition that its ownership in any company must not exceed (10%) of the net ownership rights of Global Investment House Company/Jordan.