Al Mal Capital, the UAE Investment Company, on Monday announced the commencement of trading of the Jordanian Company for Real Estate Development (Tameer) on the Amman Stock Exchange (ASE).
Al Mal Capital, having acted as Lead Manager and Bookrunner for the International tranche of the share placement, indicated that Tameer shares, originally offered at a par value of JD1 to participants in the new issue, saw initial activity take the share to JD 2.75, on volume of over 1.3 million shares.
“In regional markets that have presented challenges, the success of the Tameer IPO is an example of Al Mal Capital’s ability to deliver a solid foundation of investor capital to compelling and innovative businesses”, said Naser Nabulsi, Executive Chairman of Al Mal Capital.
Tameer's IPO for JD 53 million, or 25% of its capital, was 14 times oversubscribed and generated in excess of JD760.5 million ($1 billion) of subscription requests. Over 70% of funds were gathered from international investors – making it the largest single capital raising event in Jordanian market history.
Tameer is set to become Jordan’s leading real estate development company, with a number of prominent residential and tourism projects under formulation, as well as construction plans for commercial and industrial areas across Jordan. Catering to the demands and needs of a growing population, Tameer’s efforts will span various segments of Jordanian society. The company’s strategic plan includes integrating sources of building material supplies and, as a result, delivering a high quality product at a low cost to property buyers.
Al Mal Capital is a leading Dubai-based Investment Company, licensed and regulated by the UAE Central Bank, with paid-up capital of Dh. 333 million. The Company provides its prestigious list of clients with Investment Banking, Brokerage and Asset Management services.
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