Mubasher: Jordan Masaken for Land and Industrial Development Projects said its board of directors has proposed a capital raise to JOD 700 million ($1 billion), or 700 million shares.
The proposal will be discussed in the company’s extraordinary general meeting scheduled for 7 November.
The company’s capital will be raised by JOD 687.76 million (687.76 million shares) from JOD 12.24 million. The capital increase will be in cash and in kind.
Moreover, the company’s board discussed interest by several local, Arab and foreign investors – both retailers, corporations and investment funds - in taking part in the company’s capital hike.
The board reviewed the methods of utilising the capital raise proceeds in feasible projects, amid available investment opportunities regionally and globally.
The company also said the capital increase is aimed to expand in real estate, investment and services sectors, in line with its ambitious plan to acquire stakes in financial and services institutions.
Masaken’s Chairman Hasan Ismaik said earlier his company is set to acquire a real estate company in Egypt, as part of a plan to expand operations in low-income housing units.
The top official also revealed that his company has an expansion plan that includes the UAE, Saudi Arabia and Egypt, in addition to boosting its footprint in Jordan.
Masaken will focus over the coming period on projects for low-income brackets in Jordan, in addition to GCC and Egypt, as well as in other African countries, given the strong demand for such projects, according to Ismaik.
He called for merging companies operating in the same sector, in order to form bigger entities with strong solvency that helps lure more investments.
