Abu Dhabi – Mubasher: Two Emirati investors have acquired 26% of Jordan-based Masaken Capital, which operates in property development and industrial projects. The company’s stocks on the Amman Stock Exchange (ASE) jumped to more than JOD 3 or 240% in less than one-and-a-half months.
This is the first time that a Jordanian real estate firm attracts UAE investors, a company statement has revealed, adding that this reflects the investors’ confidence in the company, especially after Jordanian national Hasan Ismaik acquired 37% of Masaken’s capital and chaired the firm since August.
UAE national Mohamed Abdullah Al-Zahery acquired 25% of the Jordanian firm along with Masoud Al Marzouqi whose ownership amounts to 1%, according to a statement issued by Jordan’s Securities Depository Centre (SCD). The list also included US, Jordanian and Iraqi investment funds.
Ismaik previously said that Masaken was planning expansions in Jordan, the UAE, Saudi Arabia and Egypt.
Masaken’s board has decided to cooperate with major investment and financial firms in order to prepare feasibility studies for its projects and determine the capital increase that will be required, the top executive revealed, adding that the company will provide advisory firms with the feasibility studies on the proposed capital hike.
The volume of the suggested projects may require a capital hike of up to JOD 500 million (AED 2.6 billion), he noted.
