Unicorn Investment Bank enters Jordan
Bahrain, 5 April 2006 - Unicorn Investment Bank has finalized agreement with Al Tajamouat for Touristic Projects Plc. (the “Company”) on the acquisition of 16,800,000 of its common shares through a private placement in the upcoming capital raising of the Company.
Al Tajamouat For Touristics Projects Plc., a public shareholding company currently traded on the Amman Stock Exchange, is developing a Shopping Mall (the “Project” or the “Mall”) in Abdoun, an affluent part of Amman, Jordan. The capital of the Company is currently JD 14 million and is to be increased to JD 40 million through the participation of Unicorn Investment Bank B.S.C. (c) and a rights issue to existing shareholders. The total estimated cost of the Project is JD 90million to be funded through a mixture of equity and Islamic debt financing. The Project is envisioned to comprise of 170,487 sqm. of gross built area (GBA) with anticipated renting space of 59,716 sqm.
The agreement marks Unicorn’s first private equity investment in the Hashemite Kingdom of Jordan with plans for continued investments in Jordan as well as the rest of the Middle East. Najib Fayyad, Senior Director of Private Equity, commented: this is a great opportunity to mark our first direct investment into a promising market such as Jordan that fall very much in line with Unicorn’s efforts to introduce sophisticated and promising investment products to our investors. The improvement of the investment climate in Jordan marked by the structural changes at the macroeconomic level is attracting interest from regional and global investors. We are looking forward to playing an active role in pursuing further investments in Jordan in the near future.
Majid Al-Sayed Bader Al-Refai, Chief Executive Officer of Unicorn Investment Bank, said: “This investment opportunity comes at a time when the economy of Jordan is growing and reinforces the confidence of investors in the Kingdom’s potential. Jordan is at the forefront of the foreign investment map and is now an attractive destination with which to do business”.
Unicorn aspires to set new standards in Islamic investment banking, and as the Bank’s second anniversary approaches it continues to provide innovative and ethical solutions to a broad client base. The Private Equity division, in particular, continues to chart new territory, structuring the first Shari’ah-compliant global private equity fund and the first to be structured in the Middle East.