Amlak Finance PLC (Amlak Finance), the largest listed Islamic mortgage-financing provider in the United Arab Emirates, announce that it would continue to expand in the Middle East with the establishment of Amlak Finance (Jordan) and listing of its shares on the Amman Stock Exchange next month. Subscription for its initial public offering (IPO) opens at 9.00 a.m. on May 19, 2008 (Monday) and it ends at 5.00 p.m. on June 1, 2008 (Sunday). The subscription can be made at all branches of the ABC Bank, JordanKuwait Bank, and the Arabic Islamic International Bank in Jordan. The lead manager and financial advisor for the exercise, one of the leading providers of comprehensive financial and investment services locally and regionally, Jordan Investment Trust Plc (Jordinvest) earlier concluded the IPO preparations for Inwan Investment PLC which will later be named Amlak Finance (Jordan). The briefing to potential shareholders and investors will be held at Marriott Hotel in Riyadh on May 21. The consortium partners include the investment unit of the Social Security Corporation, Jordan-Dubai Capital, JordanKuwait Bank, ABC Bank, Amlak Finance - UAE, Global Investment House, Taameer Jordan and Al-Masaken Real Estate Development Company. The listed entity will be Shariah-compliant and will be based upon Amlak Finance's Islamic financing approach. Amlak Finance (Jordan) will be the first public shareholding company specializing in mortgage financing services for the development and housing sectors that is in compliance with Shariah laws in Jordan. Jordinvest Chairman and CEO Ahmad Tantash said “the listing of the premier financial provider in the Hashemite Kingdom of Jordan facilitates Islamic Financing to a broad pool of investors seeking Islamic financial solutions, while strengthening the role of Islamic finance in Jordan and the region.'' “Amlak Finance aims to develop and expand its investments in the region to become the main provider of mortgage financing services for developers of housing projects and those wishing to invest in them,” he said. The Jordanian Securities Commission (JSC) approved in April the registration of the company's capital shares of 55 million share /Jordanian dinars (JD). The JSC also approved the prospectus regarding the issuance of 13,750,000 shares for subscription through an initial public offering with a par value of JD1 per share. An analyst with Jordinvest said the expansion of the biggest Islamic mortgage-financing services provider in the region was testimony of continued property boom in the Middle East that was anticipated to stay robust for years to come. “The financial provider's strong fundamentals and market positioning are expected to excite the market and the IPO and listing of its shares in Jordan are expected to be oversubscribed and fetch a healthy premium,” added Ahmad Tantash. Jordinvest provided a suite of “financial advisory” services to Inwan/Amlak Finance (Jordan) including developing its business plan and financial projections as well as preparing the prospectus. It will now manage the IPO and the listing of its shares on the Amman Stock Exchange. __
