Extraordinary General Meeting approves name change and increase in capital to JD63M
Amman, Jordan - July 21, 2008: Amlak Finance (Jordan) PLC - previously Inwan Investment PLC - was officially established during the recently held Extraordinary General Meeting (EGM), which was attended by a large number of shareholders and organized at the Sheraton Hotel- Amman.
Further important decisions were made during the meeting that would reflect on the company's future in Jordan, including the increase in the company's capital by 8 million shares - from 55 million shares to 63 million shares-, of which 5 million shares will be allotted to Amlak Jordan Limited, a wholly owned subsidiary of Amlak Finance PJSC, UAE and the remaining 3 million shares will be allotted to International Finance Corporate (IFC) of World Bank.
Mr. Mufleh Aqel, Chairman of Jordan's Social Security Investment Unit and Chairman of Amlak Finance (Jordan) said, "Amlak's entry into the Jordanian market will help position us as a pioneer in providing home finance solutions to all Jordanian developers and individuals looking to own their dream home, as stipulated in His Majesty King Abdullah's vision for the provision of homes for everyone in the Kingdom".
He added, "The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties. Whilst real estate finance remains Amlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions by offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers. We also offer comprehensive solutions for major real estate developers in the region".
H.E. Nasser Bin Hassan Al-Shaikh Chairman of Amlak Finance UAE and Vice-Chairman of Amlak Finance (Jordan) said, "It is a pleasure to work hand in hand in Jordan with corporations such as the Social Security Corporation, Jordan Dubai Capital, the Arab Banking Corporation and the Global Investment House among others. We are confident and hopeful that Amlak Finance (Jordan) will play a major role in the further development of the Jordanian real estate financial sector. We are looking forward to join forces and efforts with other parties to achieve the "Securitization Law" which is important for the growth of the real estate finance sector and will contribute to the success of this project".
Other decisions were also made at the meeting including the increase of Board Members number from 9 to 10 members in addition to amending some articles in the company's establishment contract and its bylaws.
It is worth mentioning that the first general assembly meeting saw the election of the new Board of Directors under the chairmanship of Mr. Mufleh Akel and vice-chairmanship of H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Amlak Finance PJSC.
-Ends-
About Amlak Finance PJSC:
Established in 2000, Amlak Finance PJSC has transformed into a public entity in 2004 and is currently the largest publicly held Islamic finance company in the UAE. Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. In addition, Amlak is considered the largest finance among the publicly traded companies in the UAE.
The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
For Further information, kindly contact:
Lina Anani,
Vice President Corporate Communications
Amlak Finance
email: LAnani@amlakfinance.com
telephone: +971506326564
Samer Renno,
CEO/Managing Director
Renno Communications Group / Public Relations
email: samer@rennocg.com
telephone: +971509561516
© Press Release 2008
