Global Investment House- Jordan (Global-Jordan) announced the successful placement of a JD7 million rights issue for Arab East Investment Company (AEIV). Global-Jordan, the issue's lead manager, declared that the rights issue would increase the Company's total paid-up capital by 17.5% to reach a total of JD47 million.
The Head of Investment Banking at Global-Jordan, Mr. Sami Nabulsi stated that AEIV's rights issue was executed through a public offering exclusive to the company's shareholders and involved a total of 7,000,000 common stock units. Mr. Nabulsi added that the shareholders' subscription rights entitled them to acquire the Company's common shares at a ratio of one to 0.175, at the subscription price of JD1 per share. AEIV's investors were able to exercise their rights at any time during the subscription period, which commenced on October 21, 2008 and closed on November 9, 2008.
Mr. Maen Suheimat, AEIV's General Manager, said in a statement that he was delighted for the smooth placement of the Company's shares and thanked Global-Jordan for all their efforts in ensuring the successful completion of the rights issue, maintaining that the excellent services provided by Global-Jordan are a reflection of the company's solid reputation and proven track record.
Mr. Suheimat also said that the objective of the capital increase was to provide the Company with the necessary funds that would allow AEIV to expand its real estate development projects, enhance the diversity of its asset portfolio, and meet its growth objectives.
AEIV's core business activities comprise of investing in real estate and the local securities market. The Company has 13 partially and wholly owned subsidiaries as of the end of 2007, which include both listed and unlisted companies.
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.
