By: Ramy Sameeh
Abu Dhabi – Mubasher: Jordan Masaken for Land and Industrial Development Projects is set to launch an expansion plan locally as well as in the UAE, following recent decisions taken by its board of directors, said Chairman Hasan Ismaik.
The plan includes launching real estate development projects in the two Arab countries as well as establishing investment projects that involve the acquisition of major stakes in financial and service institutions, Ismaik told Mubasher on Sunday.
Masaken, which is listed on the Amman Stock Exchange (ASE), previously announced plans to expand in the real estate and investment sectors in the UAE, Saudi Arabia, and Egypt.
Ismaik revealed that the expansion plan comprises two stages: The first will begin with Jordan, while the second will include 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.
He added that the Jordanian firm will assign advisory firms the feasibility studies on the proposed capital hike, noting that a local investment bank along with a foreign onewill be appointed to cover the tranche of foreign and strategic investors as well as Masaken’s shareholders, with buy offers to begin immediately.
The volume of the suggested projects may require a capital hike of up to JOD 500 million (AED 2.6 billion).
Masaken will begin taking the necessary steps for opening regional headquarters in Abu Dhabi and Dubai in the UAE as well as in Saudi Arabia and Egypt, Ismaik noted.
The Jordan-based real estate firm’s board elected Hasan Ismaik last month as board chairman. Ismaik acquired 37% of the company’s capital, totalling JOD 12.24 million, in a deal worth JOD 5 million.
