Dec 11 2007 |
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Jordan: Government sets share price of RJ's IPO at JD3.08
AMMAN (JT) - The government announced Monday that the price of the 59,905,079 shares of Royal Jordanian Airlines (RJ) floated in an initial public offering (IPO) has been set at JD3.08 per share noting that the shares carry a nominal value of JD1 and represent 71 per cent of total issued share capital.According to an RJ press release, the market capitalisation of the airline amounted to JD260 million.
The offering consisted of 22,277,142 shares offered to Jordanian retail and institutional investors, including a placement of 6,493,506 shares for no consideration with Royal Jordanian 's employee fund and 8,437,335 shares with the Social Security Corporation," the press release said.
The total proceeds from the IPO amounted to JD164.5 million. The subscribed shares are expected to start trading on the Amman bourse on December 17, 2007.
Abdul Rahman Al Khatib, head of the technical team at the Executive Privatisation Commission representing the government of Jordan said: "On behalf of the government and the Executive Privatisation Commission, I would like to say a great thank you for the extensive expressions of interest and demand we have encountered in the last few weeks. Clearly investors are watching not only Royal Jordanian 's development but also the region's development with great interest. Today Royal Jordanian has a proven track record of delivery with quality partnerships firmly in place and this has positioned the Kingdom's national flag carrier in good standing through the IPO process."
Through its membership of oneworld, Royal Jordanian is the only Middle Eastern carrier to be part of a global airline alliance and fully intends to leverage its oneworld membership to service a growing international network. Under the guidance of a proven, results-orientated management team, Royal Jordanian is enhancing its product offering and increasing its efficiency through fleet modernisation.
Citigroup Global Markets Limited acted as the sole global coordinator and bookrunner of the offering with Arab Jordan Investment Bank as Jordanian lead manager and SHUAA Capital PSC as selling agent.
© Jordan Times 2007
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