Wide Area Network
In cooperation with AMIR program, the capital market institutions completed the installation of a Wide Area Network that links the JSC, ASE, and SDC with each other as well as with brokers, issuers and data providers, and that ensures electronic linkage with other financial institutions and international markets. This wide network that connects the capital market headquarters to the Housing Bank complex will enhance smooth and secure communications between capital market institutions and the outside world, and would open up the market to the public shareholding companies, brokers and institutions.
- The Executive Manager decided to list the thirteenth issue of the Water Authority Bonds, as of September 30th, 2001. The bonds are guaranteed by the government, the maturity date is 30/9/2004, with a value of JD 10 million, and (5.14%) annual interest.
- The Executive Manager decided to resume trading on the shares of Jordan Marketing Company as of December 3, 2001, following the completion of its capital reduction procedures from (1,800,000) shares to (600,000) shares.
ASE Share Prices Go Live on JTV
JTV has started to show the share prices of companies listed on the ASE on Channel One and its Satellite Channel as per the Agreement of Mutual Cooperation concluded between the ASE and JTV. So it is possible now for citizens interested in keeping track of share price changes and movements of the ASE index to do so live and on the spot during the trading sessions on a daily basis. This is but one of the various measures and policies that the ASE aims at implementing with a view to raising awareness of the largest possible segments of the population as to the importance of the ASE in economic life in general, and its role in securing the necessary funds for investors, with the positive impact that would have on the growth of investment, boost of economic growth rates and build up of the national economy.
CNBC Soon to Put Up Jordanian Share Prices
The ASE went into agreement with the CNBC, a station specialized in world economic news coverage, to put up shortly the share prices of companies listed on the ASE on their more than 150 million screens scattered around the world. This came in response to the CNBC's desire to publish such information. The CNBC is the child of a merger between the famous US news network National Broadcasting Company and the specialized economic company Dow Jones.
ASE's Performance in October
ASE has witnessed a notable activity during October. The market capitalization has increased by 23% reaching JD 4.3 billion comparing to the beginning of this year. According to that the share price index has jumped during this month to 166.7 points, which is the highest record since the beginning of this year, an increase of 25%. Along side, the trading volumes has raised too, the accumulative value traded has increased by 83% for the first ten months of this year comparing to the same period of the year 2000.
ASE Organizes a Meeting with Jordanian Telecom Companies
Continuing of its efforts to encourage the companies to list their shares at the Stock Exchange. ASE has organized a meeting with representatives from 17 Jordanian telecommunication companies, during the meeting they discussed the recent developments of the Jordanian capital market, also the advantages which the company may gain in going public and list its shares at the ASE, mainly the financing possibilities provided through the ASE, which would enable these companies to obtain the finance they may need for their activities and future plans.
- The Board of Directors of ASE decided to transfer trading of the third market companies, bonds, and mutual funds market from the fixing pricing group to continuous pricing group, as of October, 4th 2001, according to this the trading hours of these markets:
9:30 - 9:35 Pre-opening session
9:35 Opening session
9:35 - 9:55 Continuous trading sessionWhile the trading hours for the first and second markets remained as it is.
- The Executive Manager has decided to list the 980,000 share capital increase of Jordan National Industries Company, which emanated from private subscription, as of 4 October 2001. The company's paid in capital reached JD 4,580,000.
- The Executive Manager decided to list the first issue of the Jordanian Treasury Bonds, the maturity date is 4/9/2003, with a value of JD 100 million.
- The Executive Manager decided to list the twelfth issue of the Water Authority Bonds, as of October 17th, 2001. The bonds are guaranteed by the government, the maturity date is 17/6/2004, with a value of JD 20 million.
- The Executive Manager decided to resume trading on the shares of National Commercial Centers Company as of October 24, 2001, following the completion of its capital reduction procedures from (3,537,000) shares to (2,753,318) shares.
ASE Completes the First Stage of its MIS
The ASE operated the first stage of its Oracle based Management Information System (MIS) replacing the old Cobol and Access based system. The new system ensures swift reporting, which enables members to have access to their reports in the shortest possible time span. Historical data and information were included in it, in order to assist in the accurate analysis of information and to facilitate surveillance. Daily, weekly and monthly reports are extracted with the help of this system, as well as special reports broken down by trading per broker, reports indicating trading per company along with particulars of public share holding companies. Thanks to this system, the various ASE departments and staff are connected to a unified database that facilitates a rapid and highly efficient performance of department business, not to mention the other outstanding facilities in terms of comprehensiveness, preciseness and control of information.
ASE Changes its Intranet IP Address
The ASE has completed the conversion of its Intranet IP Address with success, by changing the old system that was based on serial numbers into a system that is composed of both the broker code and the computer number, thus facilitating management of its Intranet IP. The new system put an end to any confusion with Internet addresses and separated the IP addresses of the three capital market institutions. Other features of the new system include the 3-digit instead of the 2-digit identity codes that would allow for an easy expansion of the network.
ASE Executive Manager meets with Atos-Euronext CEO
Mr. Jalil Tarif convened with the CEO of Atos-Euronext during a meeting held in Paris to prepare for the forthcoming meetings of the NSC-Unix User Group that is headed by the ASE. Matters related to amendments to and comments of users on the system were addressed during the meeting, and some of the most important latest products of GL –the company in charge of the trading system– were presented. On the sidelines, Mr. Tarif discussed some issues related to the ASE, and visited the Surveillance Department of Paris Bourse to have a look at their surveillance system.
ASE Organizes a Meeting with Jordanian Information Technology Companies Representatives
The ASE, in cooperation with INTAJ (a non-profit IT association in Jordan) and AMIR (a USAID financed program), organized a meeting with representatives from Jordanian IT companies to discuss the recent regulatory and legislatives developments undertaken by the ASE, and the role of IT companies in attracting new investments. Mr. Jalil Tarif, the Executive Manager, focused on the importance of financing possibilities provided by the ASE to IT companies, which would increase the chances of attracting venture capital, hence bolstering the position, productivity and competitiveness of said companies at both local and international levels. Mr. Nader Azar, Assistant EM, explained the significance of private companies going public and their listing on financial markets, while Mr. Majd Shafiq, from AMIR, made a presentation on the importance of financial markets in the world. Mr. Kareem Ku'war, the president of INTAJ, expressed appreciation of the meeting particularly in light of the fact that IT exports approximated the $50 million in the year 2000.
A Delegation from the Syrian Chartered Accountants Association Visits the ASE
A delegation from the Syrian Chartered Accountants Association visited the ASE to take a look on its method of work, and the Assistant Executive Manager, Mr. Nader Azar, explained to them the nature of ASE's work. The delegation toured the ASE departments to closely monitor their activities
- The Board of Directors decided to list the 2,436,646 shares of Union Advanced Industries Company in the Second Market as of September 18, 2001.
- The Executive Manager decided to list the 3 million capital-increase shares of Jordanian Electric Power Company, which emanated from capitalization of retained earnings and reserves, as of September 9, 2001. The company's paid-in capital reached 33 million JD.
- The Executive Manager decided to suspend trading on the shares of Rum Metal Industries Company and Aladdin Industries Company, as of September19, 2001, until the completion of their merger procedures and the registration of the new company.
- The Executive Manager decided to resume trading on the shares of National Industries Company as of September 16, 2001, following the completion of its capital reduction procedures from 6 million shares to 3.6 million shares
- The Executive Manager of ASE decided to stop trading on of Al Ahlia Commercial Centers Company as of August 8, 2001 until its capital reduction procedures are completed. The company's subscribed capital will be reduced from 3,537,000 shares to 2,753,318 shares.
- The Executive Manager of ASE decided to restart dealing as of August 19,2001 on the shares of Union Advanced Industries Company following the completion of its capital reduction procedures from 3,140,968 shares to 2,436,646 shares.
- The Executive Manager of ASE decided to restart dealing as of August 9,2001 on the shares of Rafia Industrial Company following the completion of its capital reduction procedures from 1,685,352 shares to (1) million shares.
Executed Transactions Skyrocket
The number of daily-executed transactions on the ASE skyrocketed this month shooting past 2300 on certain days and setting a record since the initiation of the electronic trading system (ETS) in March 2000. The daily-executed transactions was (38,365) in August, against (12,365) contracts in August 2000, an increase of (210.3%).
-Mr. Abdel-Razzaq Al-Farah, from the Research and External Relations Department at the ASE got his MA in Business Administration / Accounting from the University of Jordan, his thesis was entitled “Effectiveness of the Audit Committees in Jordanian Public Share Holding Companies - An Analytical Field Study”. The study concluded that the Audit Committees in Jordanian public share holding companies were effective in internal but not in external auditing. It set out various factors for boosting audit committee effectiveness, for example if a committee member has a financial or accounting background or if the committee members are independent from management. The study ended up with a set of recommendations to activate audit committee work within Jordanian public shareholding companies.
-Groups of student leaders from Yarmouk University and the Arab Academy for Financial and Banking Studies visited the ASE where Mr. Jalil Tarif presented them with the latest developments on the ASE within the overall structural adjustments of the capital market.
- The Board of Directors of ASE decided to delist Al Nayazk Dies Manufacturing from the Second Market following the drop in its shareholders equity to less than 25% of the paid-in capital as of the July 29, 2001. The shares of the company shall be traded on the Third Market.
- The Board of Directors of ASE decided to transfer the listing of Amman Insurance Company shares from the First Market to the Second Market due to its annual loss beyond 30% of the shareholders equity as of the July 29, 2001.
- The CEO of ASE decided to list the 5.25 million raise-in-capital shares of the Bank of Jordan as of July 22, 2001. This increase was achieved by way of capitalization of their issuance premium, bringing the paid-in capital to JD 26.25 million.
- The CEO of ASE decided to list the 5,945,091 raise-in-capital shares of the Middle East Bank, which emanated from private subscription, as of July 15, 2001. bringing the paid-in capital to JD 15,945,091.
- The CEO of ASE decided to list the 750 thousand raise-in-capital shares of the Al Sharq Investment Projects, which emanated from private subscription, as of July 15, 2001, bringing the paid-in capital to JD 11.750 million.
- The CEO of ASE decided to list the 3 million raise-in-capital shares of the Al Razi Pharmaceutical Industries, which emanated from private subscription, as of July 30, 2001, bringing the paid-in capital to JD 13 million.
- The CEO of ASE decided to list the 500 thousand raise-in-capital shares of the International Silical Industries, which emanated from private subscription, as of July 31, 2001, bringing the paid-in capital to JD 2 million.
- The Board of Directors of ASE decided to appoint Mr. Rami Al-Hadidi as legal advisor to ASE as of July 15, 2001.
Issuance of the Public Shareholding Companies Guide, 2000 and the Listed and Traded Companies Guide, 2001
ASE has released the Public Shareholding Companies Guide for the Year 2000 on a CD ROM to be distributed for free. The Guide carries general information about public shareholding companies, their most important financial statements for the last five years, and the most significant financial indicators and ratios for the last two years. The ASE also has released the Listed and Traded Companies Guide for the Year 2001, which includes both the Arabic and English companies names, as well as their code, Reuters code, telephone number, email, the market in which they are listed, subscribed shares, market capitalization, shareholders equity, total assets, net income after-taxs, cash dividends and some other financial ratios for each company. These statements cover the 1999 and 2000 fiscal years.
Conference on the Investment Opportunities and Outlook in Jordan
The ASE, represented by its CEO Mr. Jalil Tarif, took part in the Investment Opportunities and Outlook in Jordan Conference, which was organized by the Middle East Studies Center on 17-18 July 2001. The ASE participation took the form of a paper on the Investment Infrastructure and Culture and their Role in Economic Development. Mr. Tarif reviewed the most important aspects of investment culture in both the national economy and the capital market, underlining the significant recent developments on the capital market, particularly the improvement and regulation of the market in line with international standards, more depth and efficiency due to increased market confidence and security, and enhanced confidence in Jordanian investments and the Jordanian economy.
- ASE Board has agreed to shift the shares of the Industrial Commercial Agricultural Company from the Second to the First market, the company has fulfilled the listing requirements in the First market. The company shares were shifted as of June 24,2001.
- The Board has approved Bank of Jordan as a member in ASE, The bank began its work on June 24,2001 under the short name (Al-Quds).
- The ASE Executive Manager has decided to (due to not providing the JSC and ASE with the annual reports) suspend from trading the following companies: Middle East for Development & Trade, International Textile Manufacturing, Amman Insurance, also suspend the following companies from being dealt at the Third market: Middle East International Investment Group and United Textile Group, effect of June 3,2001.
- The Executive Manager has decided to suspend the shares of Jordan Marketing Company from trading as of June 20,2001 and till the capital decreasing procedures are finished, the capital will be decreased from JD (1.8) million to JD (0.6) million.
- The Executive Manager has decided to list the 300,000 share capital increase of Arab Life & Accident Insurance Company, which emanated from capitalization of part of the retained earnings, as of June 17, 2001. The company's paid in capital reached JD 3.3 million.
- The Executive Manager decided to suspend the shares of Al-Kawther Investment as of June 18,2001 due to the company's general assembly meeting decision which was taken in its extra ordinary meeting to liquidate the company, voluntary liquidation.
- The Executive Manager has decided to list the 250,000 shares capital increase of Delta Insurance Company, which emanated from capitalization of part of the retained earnings, as of June 24, 2001. The company's paid in capital reached JD 2.25 million.
- The Executive Manager has decided to suspend the shares of Advanced Pharmaceutical Industries Company from dealing at the Third market as of June 24, 2001 and till the capital decreasing procedures are finished, the capital will be decreased from JD (3,140,968) to JD (2,346,646) million.
- The Executive Manager has decided to suspend the shares of National Industries Company from trading as of 24/6/2001, and till the capital decreasing procedures are finished, the capital will be decreased from JD (6) million to JD (3.6) million.
Shareholding Companies' Guide
The Public Shareholding Companies Guide for 2000 has just been finished, it was issued on a CD ROM. It includes general information on public shareholding companies, as well as the most significant financial data of the companies over the last five years, and the most important indicators and financial ratios for the last two years.
A SE Moves to the Permanent Headquarter
The ASE has moved to its new permanent headquarters in Arjan area, close to the Ministry of Interior. The smooth two-phased move was made to a building that encompasses all capital market institutions. Meanwhile, the screens are still up in its show rooms in the Housing Bank Complex, while being connected to its trading system in the new building. The headquarters are furnished with the latest equipment put at the service of traders in securities.
Board of the Union of Arab Stock Exchanges and Securities Commissions Held it's 22nd Meeting
The ASE's CEO Mr. Jalil Tarif and Dr. Hani Halawani, a Board member, represented the ASE to the Twenty-Second Board Meeting of the Union of Arab Stock Exchanges and Securities Commissions, held in Sharm Sheikh, Egypt on May 9-10. The Board approved in principle the founding of the Unified Arab Exchange as a regional financial entity for Arab financial markets. It requested the Secretariat to lay out the legal framework of the Exchange and entrusted the Secretary General with setting up a committee to examine all the technical issues related to the proposal and the methods of selecting listed companies. The meeting discussed the latest developments in the projected Arab Financial Markets Network and the Board resolved to invite Arab stock exchanges and securities commissions to supply all the data to be used by the Network in preparation for its final operation in September, now that all the technical and experimental requirements are fulfilled.The Board reviewed the feasibility study of the Arab Clearance Institution, which is considered a supplement to the Unified Arab Exchange project. It was decided that Arab exchanges, securities commissions and clearance companies should hand in their comments on the study to the Secretariat, and a founding committee should be set up from the member countries. The Union underscored the importance of active participation in the forthcoming Arab economic summit to be held in Cairo in November, particularly in the light of the special attention that was accorded to the capital markets' topic during the last Arab Summit held in Amman. It was resolved that the necessary contacts would be made with the preparatory organs of the summit to decide on the manner of participation.
Middle East Compliance Seminar
Mr. Khaled Maqableh and Miss. Muna Haddadin represented the ASE in the seminar on Compliance Standards arranged by the American Securities & Exchange Commission (SEC), in cooperation with the Bahraini Institute for Financial and Banking Studies. The lecturers touched upon several themes such as standards for disclosure, accounting and international auditing; settlement, clearance and surveillance of capital markets and financial brokers; means of developing the capital market in the Middle East; as well as educating and attracting domestic and foreign investors.
- ASE has decided to list the 3.5 million share capital increase of Al-Zarqa for Education & Investment Company, which emanated from capitalization of the retained earnings, as of 20 May 2001. The company's paid in capital reached JD 7.5 million.
- ASE has decided to re-list the shares of International Tobacco & Cigarettes Company at the First Market as of May 21, 2001, after merger procedures of Al-Eqbal for Financial Investments Company into International Tobacco & Cigarettes were finished. The new capital became JD 14,304,675.
- ASE has decided to list the 1,431,865 share capital increase of Jordan Insurance Company, which emanated from private subscription, as of 23 May 2001. The company's paid in capital reached JD 9,931,865 .
- ASE has decided to list the 17.5 million share capital increase of Zara Investment Company, which emanated from private subscription, as of 28 May 2001. The company's paid in capital reached JD 125 million.
- ASE has decided to list the 5 million share capital increase of Jordanian Electric Power Company, which emanated from capitalization of the retained earnings, as of 3 June 2001. The company's paid in capital reached JD 30 million.
- ASE has decided to list the 1,808,511 share capital increase of Industrial Commercial Agricultural Company, which emanated from private subscription, and the 941,489 shares, which emanated from capitalization of the retained earnings, as of 3 June 2001. Company's capital reached JD 9 million.
- ASE has decided to list the 3.3 million share capital increase of Export & Finance Bank, which emanated from capitalization of the voluntary reserves, general reserves and retained earnings, as of 3 June 2001. The company's paid in capital reached JD 25.3 million.
Delegation from the Syrian Chamber of Commerce visits the ASE
The Federation of Syrian Chambers of Commerce organized a one-week tour of the ASE for a delegation from the Central Bank of Syria, the Ministry of Planning, the Federation of Syrian Chambers, and Economic Reform Committee. The object of that tour was to get acquainted with ASE's work mechanism and the Jordanian experience in capital markets, in order to pave the way for setting up a capital market in the Syrian Republic. This tour is yet another example of the continuous chain of cooperation among the institutions of the two countries, during which the delegation paid various visits to several institutions and companies related to the capital market in Jordan.The delegation got a first hand experience of the ASE's mechanisms of work and was informed of the legislative and technical developments that have taken place on the ASE since its establishment in March, 1999, particularly, the ETS (electronic trading system), the listing procedures on the ASE and systems of data dissemination to all relevant parties. The second stop on the delegation's itinerary was the Jordan Securities Commission (JSC), to assess the supervisory and legislative functions it performs over the Jordanian capital market. There, the delegation was briefed on the duties of the JSC, namely licensing and inspecting financial services companies and following up on all parties that are subject to its supervision, as well as of the procedures undertaken by the JSC to regulate issues of securities, disclosure of all relevant data and the ensuing impact on the securities market in terms of transparency and fairness.At the Securities Depository Center (SDC), the delegation learnt how the SDC proceeds with registering, and transferring the ownership and settling the prices of securities traded on the ASE. The delegation was also introduced to the various phases of system and software development that help in the performance of SDC duties.To cover all parties concerned with the capital market, the tour also included site visits to a number of financial brokerage firms operating on the ASE. The delegation took note of the role of the said firms in enhancing market efficiency, and assessed the procedures that such firms use to regulate relations with their clients and execute their sale and purchase orders. Several Jordanian banks and financial services companies were paid a visit as well.It should be noted that the Syrian delegation expressed willingness to further cooperation with the Jordanian capital market institutions in order to help create a favorable environment for setting up a securities market in Syria, given Jordan's positive track record of providing expertise assistance to set up many Arab securities markets.
As of April 15, 2001, the ASE started to publish, in addition to its daily trading bulletin, a list of companies the closing price of which changed without actual trading on its securities, called the “reserved companies”A company is considered reserved according to the Trading Rules effective at the ASE if orders to sell or buy its shares exceed the price limits set by the regulations. In such an event, the trading system puts the company in a reserved state till next day's session during which the set upper or lower limits shall open as the case may be without execution of any transaction on the company's shares if the causing orders are still in effect.ASE management took this step to ensure transparency of trading in securities, to safeguard the interests of dealers on the securities market and to disclose anything that would provide fairness to the public of investors and would help them make their investment decisions.
ASE received groups of students from ِArab Community College, Karak College and Queen Alia' College. The students were briefed on trading mechanisms and latest developments at ASE.
- ASE has decided to list the 21 million share capital increase of Jordan Phosphate Mines Company, which emanated from capitalization of company's debts, as of 19 April 2001. The company's paid in capital reached JD 65 million.
- ASE has decided to list the 3.5 million share capital increase of Jordan Insurance Company, which emanated from capitalization of the voluntary reserves and retained earnings, as of 22 April 2001. The company's paid in capital reached JD 8.5 million.
- ASE has decided to list the 1.5 million share capital increase of Jordan Press Foundation/ Alrai, which emanated from capitalization of part of premium issuance, as of 29 April 2001. The company's paid in capital reached JD 4.5 million.
- ASE has agreed to suspend the trading of the shares of Rafia Industries as of April 30th, 2001, until capital decreasing procedures are finalized, the capital will be decreased from JD (1,685,352) to JD (1) million.
- ASE has decided to list the 375 thousand share capital increase of Jordan Wood Industries/ JWICO, which emanated from private subscription, as of 6 May 2001. The company's paid in capital reached JD 1.875 million.
Amman Stock Exchange's Second Generally Assembly Meeting
The ASE holds its second General Assembly Meeting on 12/4/2001. During the meeting, the report of the Board of Directors on the performance of the stock exchange and its future plans, as well as the auditors report, the financial statements, and estimated budget for the coming year and its legalization are discussed. Also, the account auditor for the ASE will be elected for the year 2001.
A SE's Second Annual Report
ASE has issued its second annual report, both in Arabic & English. The report reviews the ASE's major accomplishments during 2000, as well as the ASE's performance and the financial statements. The report also includes a summary on the economic situation and the performance of macro economic indicators in the Kingdom.
- ASE has decided to re-list the shares of Century Investment Group Company as of March 18, 2001, after capital decrease procedures were finished. The capital was decreased from JD (10.8) million to JD (7) million.
- ASE has decided to suspend the trading of shares of Middle East Complex for Engineering and Electronic Industries and Al-Arab Financial Investment Company as of March 20th, 2001, until the merger procedures of the two companies are over, and the new company is registered.
Lecture At Hashim iya University
Mr. Jalil Tarif the CEO of ASE gave a lecture at Hashimiya University which was organized by Economics and Administrative Sciences Faculty. In his lecture, Mr. Tarif talked about the recent developments witnessed on ASE in the legislative front, which helped to improve protection of investors in securities, in terms of fairness and transparency, as well as the major developments on the technical side especially launching the electronic trading system, and the remote trading.
A Student Delegation
ASE received a group of students from Amman College. The students were given a briefed on trading mechanisms and latest developments at ASE.
Amman Stock Exchange Celebrates 2nd Anniversary
On March 11, 2001 ASE celebrates its second anniversary. It was established under the Securities Law of 1997 as a private non-profit institution, with financial and administrative autonomy, and as the sole authorized entity to act as a regular securities market in Jordan, subject to the Jordan Securities Commission's (JSC) supervision. In that short period, the ASE was able to set up all needed infrastructure to practice its business, issued all the regulations and instructions that govern its practice and took several steps at the technical level in line with international standards.
Meeting for NSC-UNIX Users in Amman
ASE in cooperation with ATOS-Euronext organized a meeting for the users of the French Trading System NSC-UNIX, on February 13-14. The CEO of ATOS- Euronext, the CEO of Tunisia Stock Exchange, IT managers in countries that use the NSC-UNIX, namely Tunis, Lebanon, Morocco and Jordan, as well as a delegation from Kuwait attended the meeting. Participants exchanged notes on the system and underscored the importance of cooperation amongst them in finding out the best means to secure suitable service. General rules to govern the NSC/UNIX user group, inter alia its structure, modus operandi and management were agreed upon, and Mr. Jalil Tarif the ASE's CEO was elected as its chairman.Another meeting was held at ASE to discuss the issue of Interface with the Securities Depository Center (SDC). Representatives from ASE, SDC, ATOS-Euronext, EFA, USAID, AMIR Program and CMP underlined the importance of this linkage and how much it would serve the capital market and protect the users and traders.
ASE Price Index
ASE has finalized its testing procedures of the general online price index weighted by market capitalization. It is now posted live during trading sessions on the GL display screen under the Market Information window. The stock price index can be seen on the ASE website as well as Reuters.
- ASE's Board of Directors has approved the ASE's estimated budget for the year 2001, the balance sheet and the closing accounts for 2000, and the second annual report. The Second General Assembly meeting for the ASE was set on 12/4/2001.
- ASE has decided to list the 5 million share capital increase of Jordan Kuwait Bank, which emanated from capitalization of part of issuance premium, as of 11 March 2001. The Bank's paid in capital reached JD 25 million.
- ASE has decided to list the 312.5 thousand share capital increase of Jerusalem Insurance Company, which emanated from capitalization of part of voluntary reserves and retained earnings, as of 11 March 2001. The company's paid in capital reached JD 3 million.
20th GA Meeting of the Union of Arab Stock Exchanges and Securities Commissions
Dr. Abder-Rahman Toukan, Chairman of the ASE, Mr. Jalil Tarif, CEO of the ASE and Mr. Rajai Kossous, member of the ASE Board of Directors represented the ASE to the Twentieth General Assembly Meeting of the Union of Arab Stock Exchanges and Securities Commissions , held in Abu Dhabi from 24 to 26 of January. The meeting reviewed the items set on its agenda, including the Secretary-General's Report on the Union's activities in the year 2000. The meeting approved the setting up of the Arab Clearance Institution with equal share participation among the Arab countries members of the Union; and went over the projected Arab Financial Markets Network , which aims at collecting trading information from stock exchanges members in the Network and putting them on the Internet. The latter project is in its final phase and is expected to be operational as of next April.The membership of the Securities Commission of the Masqat Financial Market, Abu Dhabi Stock Exchange and the Jordanian SDC was accepted starting the year 2000.The Union's balance sheet and closing accounts for the year 2000 were discussed and approved along with the estimated budget for the year 2001. Three lectures were made along the sidelines. One on the Role of Financial Markets in Combating Money Laundering , another on the Role of Financial Institutions in Facilitating Investment and Capital Flows , and the third on the Status of Foreign Investment on Arab Stock Exchanges .
ASE meeting with the Central Bank of Jordan Governor
The chairman and members of the ASE board of directors' delegation along with the ASE CEO met with the Governor of the Central Bank of Jordan, Dr. Umayya Toukan to congratulate him on his new position. Fields of mutual cooperation between the ASE and the CBJ were discussed. It is to be noted that Dr. Toukan had previously held the post of General Manager of the post Amman Financial Market from 1991 to 1996.
- The Board of Directors approved the Instructions for Sale of Securities by Public Auction, which were submitted to the Board of Commissioners of JSC that in turn approved them. They shall enter into force as of January 1st 2001. The Instructions were drawn up to regulate the sale of fractions of stocks of a company that arise from the increase or decrease of its capital through ASE. Under this Instructions ASE shall be in charge of executing sales of securities that are ordered by courts or relevant official parties.
- ASE has decided to re-list the shares of National Portfolio Securities Company as of December 7, 2000, after capital decreasing procedures finished, the capital was decreased from JD (5) million to JD (2.5) million.
- The ASE's Board has accepted the membership of Silwan Brokerage Company, as of January 2nd, 2001.
- The Board has approved trading in the (12) million shares of Ittihad Schools Company on the Third Market as of December 14th, 2000.
- The Board has approved the ASE's Budget for the year 2001.
- The Board of Directors approved the mechanism for sales of securities on ASE that are ordered by courts or relevant official parties. The sales shall be distributed to members according to their serial numbers at ASE; with sales moving from one member to another once a sale of securities of an approximate value of JD 5 thousand per concerned member is completed.
- The ASE's CEO has decided to list the (12.5) million share capital increase of National Poultry Company, which emanated from capitalization of company's debts, and the paid up capital reached JD (42.5) million, affect of December 17th, 2000.
ASE Price Index Sample
ASE has revised its share price index sample to reflect developments in the activities of listed companies. This end-of-year revision aims at making the index representative of changes to share prices, through the implementation of approved criteria, such as market capitalization, number of trading days, share's turnover ratio, trading value and number of traded shares per company. Consequently, the number of companies included in the sample went up from 60 to 70, and the sample as a whole made up 85.6% of the total market capitalization, 91.1% of the value of trading and 77.1% of the number of traded shares on ASE. The sample is constituted as follows: 11 from the banking and financial sector, 10 from insurance, 14 from services and 35 from the industrial sector.
Annual Press Meeting
ASE is holding its annual press meeting early this month for the second successive year since its inception. It is an occasion for ASE to meet with newspaper and news agencies correspondents to highlight the most significant developments and achievements made during the year 2000. ASE performance in the legislative field can be summarized in the adoption of the Directives for Trading in Securities, the Directives for Listing Securities on ASE, the By-Laws for Dispute Resolution at ASE, the Directives for Sale of Securities by Public Auction and the Directives on the Brokers' Guarantee Fund. The latest IT developments were also underscored, namely the implementation of Electronic Trading System, Remote Trading and the Data Intranet.
ASE has put in full operation the Intranet that connects all employees on ASE. The Intranet supplies information and a correspondence through internal e-mail, in a further step towards developing means of communication between its employees and saving time, effort and expense.