Al Mal Securities LLC UAE (a subsidiary of Al Mal Capital), today announced the acquisition of a strategic stake in a newly-formed public joint stock entity, Al Mal Securities Jordan. The company is the result of a merger between two of the largest brokerage companies in Jordan, Aman Securities and Osool Securities.
The group, a leader in local brokerage activities, intends to build on its dominant position and expand into other regional markets, leveraging the resources of its new partnership with Al Mal Capital.
“We are excited about the participation of Al Mal Capital in this landmark transaction, and look forward to extending our relationship into other areas including the development of new and exciting products”, indicated Hatem Shahed, newly-appointed CEO of Al Mal Securities Jordan.
The new company, set to become the largest by market capitalization at JD 60 million (AED 312 million ), will serve as the base for Al Mal Capital’s presence in the rapidly-developing area extending to Syria, Lebanon, Iraq and Palestine. The company intends to offer shares to the public in an IPO slated for later this year.
“Al Mal Capital continues to grow its strategic position in the region, in several areas of business: Brokerage, along with Asset Management and our Capital Markets work. This deal will assist us to further our efforts, and create another avenue for both sourcing and distribution”, said Naser Nabulsi, Executive Chairman of Al Mal Capital.
“The new company will provide the ability for Al Mal to develop another hub for servicing clients and developing research and products on a region wide basis, making use of the strong base of human and technology resources available in Jordan” , added Nabulsi.
Al Mal Capital is a full service Investment Company, licensed and regulated by the Central Bank of the UAE, with paid-up capital of Dh. 333 million. Al Mal derives its leadership position from its powerhouse list of founders and experienced team of professionals, along with the application of the highest international standards. The Company provides its prestigious list of clients with Investment Banking, Brokerage and Asset Management services.
© 2006 Al Bawaba (www.albawaba.com)
