Global Investment House- Jordan (Global-Jordan) announced the successful completion of a rights issue for Bindar Trading & Investment Co. PLC (Bindar). Global-Jordan, the issue's lead manager, stated that the objective of the offering was to increase Bindar's capital by 5.7 million shares/JD, or what is equivalent to 39.86% of the company's total capital before the increase.
According to Mr. Sami Nabulsi, Head of Investment Banking at Global Jordan, the capital increase was performed via a rights issue, whereby Bindar's shareholders exercised their subscription rights. Mr. Nabulsi added that share allocation procedures are not required due to the nature of the transaction, whereby no oversubscription takes place, as the capital increase is precisely executed through a public offering exclusive to the company's shareholders.
Furthermore, Mr. Nabulsi commented on the current market conditions, whereby he affirmed his confidence in the Amman Stock Exchange (ASE), pointing out that current downturns in the local market are a mere reflection of the global financial crisis and are not an indication of the soundness of the ASE. He called upon investors not to be swayed by market sentiments, advising them to make their investment decisions based on concrete financial analysis instead.
Mr. Bassam Hammad, General Manager at Bindar, thanked Global-Jordan for all its efforts as the issue's lead manager. He added, "We mandated Global-Jordan with the role of lead manager due to their proven track record and solid reputation, both locally and regionally".
According to Mr. Hammad, increasing Bindar's capital from JD14.3 million to JD20 million was required to allow the company to expand its financing and leasing activities, maintain Bindar's business development procedures, and modernize the company's programs, equipment, and human resources to match the company's ever elevating standards and to meet its productivity and profitability growth plans.
It is worth mentioning that Global-Jordan is fully owned by Global Investment House (Global), one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") region.
With over 65 employees and total assets exceeding USD50 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, and IPOs to name a few.
About Global Investment House “Global”
Global Investment House “Global” is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, Dubai and London Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global’s achievements have been recognized on local, regional, and international levels. The company’s current assets under management reached KD2.7 billion (USD 10.2 billion) by 30th September 2008.
For further information please visit www.globalinv.net or contact:
