The Jordanian Company for Real Estate Development “TAMEER”, announced today the completion of the subscription period for its Initial Public Offering, resulting in the collection of 760,509,000 Jordanian Dinars - making it the most successful fundraising exercise in the history of the Jordanian financial markets.
A total of 162,941 Jordanian Nationals and foreigners subscribed for shares in TAMEER, with the foreign demand for shares alone exceeding 300 Million Jordanian Dinars. The majority of foreign demand originated from the United Arab Emirates, the Sultanate of Oman and the Kingdom of Saudi Arabia.
TAMEER offered 53 million shares at 1 Jordanian Dinar per Share. As investor response exceeded expectations, the Company will distribute a minimum of 250 shares to each investor, and will allocate the remaining shares on a pro-rata basis.
Mr. Khalid Dahleh, Vice President of the Founders Committee, expressed his delight at this success and pointed out that despite the current difficulties faced in the Arab stock markets in general, and the Jordanian stock market in particular, results exceeded all expectations and are an unwavering indication of the confidence of the Jordanian and Arab investor in both Tameer, as well as in the solid foundations of the Jordanian economy.
The Executive Chairman of Al Mal Capital, Naser Nabulsi expressed his pleasure with the issue’s success. “We are honored to have been associated with TAMEER, a vibrant new enterprise with a bright future in Jordan. The success of the issue points to the joint capabilities and effective teamwork shown by Al Mal Capital, coordinating and managing the collection of foreign interest, and Amwal Invest, looking after the domestic demand.”
TAMEER intends to develop several residential and tourism projects, as well as commercial and industrial areas across the Kingdom of Jordan. They will be announcing a number of projects to be launched in the near future, including the establishment of a subsidiary company to provide mortgage financing to property buyers.
Nabulsi echoed his positive outlook on the future of TAMEER: “We are excited about the potential for future association with TAMEER, as well as other companies and opportunities of this nature in the region. We look forward to helping to build the foundation for strong regional players, as TAMEER is surely positioned to become in its chosen sector of Real Estate development.”
Al Mal Capital is a Dubai-based investment company, licensed and regulated by the Central Bank of the UAE, and backed by a formidable group of regional founding shareholders. Al Mal Capital bases its unique value proposition in bringing the skills and experience of its team of professionals, along with the application of global standards, to the region.
