ASE listed Jordan Telecom Company's shares
On November 4, the ASE listed Jordan Telecom Company's (JTC) 250 million shares in the First Market. Part of the trading session in the Investors Gallery on the fifth floor of the Housing Bank complex was attended by the Minister of Finance, Dr. Michael Marto, the Vice Chairman of the Jordan securities commission, Dr. Tayseer Abdel Jaber, the head of the Privatization Executive Board, Mr. Adel Qudah, the Chairman of the Baord of JTC, Dr. Shabib Ammari, the Executive Manager of ASE, Mr. Jalil Tarif, the Executive Manager of the Security Depository Center, Mr. Samir Jaradat and the director of the IPO of JTC, Mr. Hani Qadi along with a large number of other persons. It is to be noted that JTC is the first public corporation to be privatized and listed on the ASE. The JTC ranks first on the ASE listings in terms of capital and second in terms of market capitalization. At the beginning of the session, JTC shares were floated and the first transaction price stood at JD 2.5. The listing of JTC on the ASE raised the market capitalization of shares on the latter to more than five billion JD, making it one of the largest Arab capital markets.
Emerging Jordan 2003 by Oxforusiness Group
Listing the Shares of Jordan Telecom
The ASE Board decided to list Jordan Telecom Company shares in the First Market following its Initial Public Offering (IPO) through which 26.25 million shares of the Government's ownership were sold representing 70% of the offered shares and 10.5% of the Company's capital. It is to be mentioned that the number of individual investors is 9254 bought 6.7 million shares, or 18% of the overall offer with a total value of JD15.8 million. On the other hand, the number of institutional investors is 54 subscribed 7.0 million shares, constituting 18.6% of the overall subscription, at a total value of JD16.4 million. The Social Security Corporation subscribed to 33.3% of the overall offer, with 12.5 million shares at JD29.4 million. Therefore, the government's ownership represents 41.5% of the company's capital. Trading in company's shares started as of November 4,2002.
International Monetary Fund (IMF) delegation visits the ASE
On a visit to the ASE, an IMF delegation was briefed by Mr. Jalil Tarif, the Executive Manager, on the structural changes of the capital market in general and the technical developments of the ASE in particular. The delegation expressed its appreciation of said achievements while Mr. Tarif responded to their queries.
ASE Joins The Financial Information Services Division
The ASE joined the Financial Information Services Division, which is managed by an Executive Committee of 27 members representing exchanges, data vendors and users. The membership includes a vast number of major stock exchanges such as New York, Nasdaq and Euronext, some of the most famous data providers such as Bloomberg and Dow Jones as well as several international financial services and investment companies and banks. FISD enjoys a high esteem in the data provision industry and is considered as the ultimate reliable source in this field.
Macedonia Stock Exchange visiting ASE
H.E. Mr. Horani and Mr. Tarif hosted the CEO of the Macedonia Stock Exchange and his accompanying delegation. Cooperation and exchange of expertise between the two exchanges were discussed during the visit, which comes as part of the bilateral exchange visits program among FEAS members. This visit reflects the importance that the ASE has among international exchanges, especially after the developments it introduced in trading, services to investors, data dissemination, and easy access to market data by investors and market participants through live and on-line trading information, including the Internet. The delegation met with the JSC vice-chairman and the manager of the Jordan Investment Corporation during their visit to these two institutions, the SDC, some brokerage firms and the Investors Gallery, which aimed at taking look of the latest developments in the Jordanian capital market.
Election of the Second ASE's Board
The General Assembly for ASE held its meeting in September, to elect a new Board of Directors for the ASE, which is the second Board since establishing the ASE on March 11th, 1999. Mr. Sehrab Owais and Mr. Adnan Madi were elected as representatives of banks licensed to perform activities of financial services companies as financial brokers. Three members were elected as a representatives of financial services companies licensed as financial brokers whom are Mr. Walid Al-Najjar, Mr. Naser Al-Amad, and Mr. Dawoud Kishta. The elections results was approved by the Jordan Securities Commission (JSC), the JSC has also appointed H.E Mr. Mohammad S. Hourani and Mr. Mansour Haddadin as members from the private sector. At its session on 6/10/2002 the Board of Directors elected H.E Mr. Mohammad S. Hourani as a chairman and Mr. Mansour Haddadin as a vice chairman.
List the Shares of Jordan Telecom Company at the ASE
Jordan Government has decided to sell 15% of its share in Jordan Telecom Company (JTC) through an Initial Public Offering (IPO) in Jordan, Arabian Gulf and Europe, which will begin in the early of October 2002. The company is expected to submit to list its shares on the ASE at the beginning of next November, by listing the JTC with a capital reaching JD 250 million, it will become the second in term of its market capitalization which will increase the total market capitalization of the ASE and will increase the number of shares available for trading (Free Float).
Amman Stock Exchange is one of the Most Developed Arab Exchanges
Arab Advisors Group Company has ranked the ASE as the second in terms of highly developed techniques used in its operations. According to a report prepared by the group "Arab stock exchanges have gone a long way from their old manual trading techniques that spanned the eighties and early nineties. All of these exchanges have now automated their trading systems, the new systems have offered more efficient trading, lower cost and improved transparency" the report also revealed that less than a third of Arab Stock Exchanges have a disaster recovery plan.The report also appointed that the information dissemination is one of the most important aspects of a modern stock exchange.
NSC-Unix Users Group Meeting
Mr. Jalil Tarif the Executive Manager chaired the meeting held by the NSC-UNIX Users Group (French Trading System). The latest international developments in the field of trading systems and their improvement methods were discussed during the meeting. The French side presented a new version of the French Trading System contains the modifications requested by the users group. To be mentioned that ASE operated the electronic trading system in March 2000.
A Delegation of Bahraini Business Men
A delegation representing the business men of the Kingdom of Bahrain paid a visit to JSC and ASE, they were gave an explanation about the quantitative move achieved by the Jordanian capital market since the issuance of the Securities Law in 1997. A general look on the investing environment in Jordan was viewed especially the legal and technical infrastructure and the efforts exerted by the JSC and the ASE to strength the cooperation ties with Arab and international institutions.
A delegation from Abu Dhabi Stock Exchange
The ASE received a delegation from Abu Dhabi Stock Exchange, Mr. Amjad Qudah gave them an extensive briefing on the ASE's operations and the latest developments in the past few years.
Lecture on capital market developments and challenges to emerging markets
Responding to an invitation from the Association of Certified Financial Professionals, Mr. Jalil Tarif the executive manager of the ASE gave a lecture entitled "International Capital Markets Developments and Challenges Facing emerging markets". He presented the general framework that regulates capital markets in the world through internationally recognized principles, such as the 30 Principles issued by the International Organization of Securities Commissions (IOSCO), the World Federation of Exchanges (FIBV) Market Principles, and the Recommendations were set by the Group of Thirty (G30) on settlement and clearance which all aim in a nutshell at regulating and developing the capital market business in the world, protecting investors and reducing risks associated with investments. Mr. Tarif touched upon the recent events on international capital markets, notably the legal forms of stock exchanges, the repercussions of the latest world events on exchange performances, and the growing international interest in the corporate governance issue, and money laundering combat. He tackled challenges facing emerging markets before turning at the end to the Jordanian capital market, its structural adjustments and the legal and technical developments and their impact on ASE performance.
Bilateral visiting program with Istanbul Stock Exchange
As part of its intensive efforts to build closer bilateral ties among Federation members, the Federation of Euro-Asian Stock Exchanges (FEAS) organized a series of bilateral cooperation programs. Mr. Nader Azar, the Assistant Executive Manager of the ASE, and Mr. Bassam Abu Abbas from the Trading Department went on a visit to Istanbul Stock Exchange (ISE) to attend a program specially prepared by the latter to introduce the trading surveillance, margin trades, short selling and securities borrowing and lending.
A delegation From Palestine Stock Exchange visits ASE
The ASE hosted a group of Palestine Stock Exchange employees, who had a first hand appraisal of the Jordanian experiment and saw the practical implementation of the trading system. They visited the ASE's various sections and facilities, and had a look on how their business is conducted. The group also paid a visit to the JSC and the (SDC).
Professors of Nilen University visit the ASE
A group of professors from the Sudanese Nilen University came on a visit to the ASE to take a look of the legal and technical developments that have taken place there over the recent few years. Mr. Sami Hattab, head of the Research and External Relations Department, gave them an extensive presentation on said developments. The group commended said achievements and expressed the wish to benefit from the ASE experience.
Election of the ASE Social Committee members
A Social Committee was set up within the ASE to cater for bolstering social ties among the ASE staff and participation in various activities and events. The first members to be chosen from among the staff were as follows: Mr. Mohammed Khatib as head of the Committee, Mr. Mithqal Obeidat as member and Mr. Mazen Madi as Secretary.
Executive Manager of Amman Stock Exchange meets General Manager of the Palestine Exchange
ASE's Executive Manager Mr. Jalil Tarif met Dr. Hassan Yasseen the General Manager of the Palestine Stock Exchange. The meeting focused on issues of cooperation and the special relation that links the two exchanges. Within that framework, Dr. Yasseen expressed the wish of sending some employees from the Palestine Stock Exchange on a visit to the ASE in order to take stock of the Jordanian experience in financial markets with a view of developing their work at home. Mr. Tarif welcomed such a visit. A number of employees from Palestine Stock Exchange are expected to visit the ASE and other capital market institutions to learn about the practical applications of trading systems, relations with brokerage firms and listed companies, the Securities Depository Center (SDC) the settlement procedures, the relationship between the ASE and the Jordan Securities Commission (JSC), as well as listing conditions.
ASE joins the Follow Up Committee on Foreign Direct Investment Data Base
Mr. Abdel-Razaq Al-Farah sat on behalf of the ASE on the Committee that is to set up a foreign direct investment data base, which would include in addition to the ASE, the Investment Promotion Board - as rapporteur - the Ministry of Trade and Industry, the Ministry of Planning, the Central Bank of Jordan, the Public Statistics Department, the Free Zones Corporation and Aqaba Special Economic Zone (ASEZ). The project aims at adopting a foreign direct investment definition according to international standards and setting up a comprehensive mechanism for an on-going and easy access to foreign investment. It is financed by AMIR program and the UNDP and implemented in cooperation with the ESCWA in 6 Arab countries.
Non-reporting Companies Suspended from Trading
In its June 20 session, the Jordan Securities Commission (JSC) Board decided to suspend trading on the shares of companies that have not supplied it by June 20th of 2002 with any financial statements for the fiscal year ending December 31st 2001. These companies are the Arab International Medical Investments Group, the Arab Food and Medical Appliances Company, the Modern Food Industries & Veg.Oil, and the Amana Agricultural And Industrial Investment. The JSC Disclosure Instructions oblige shareholding companies to disclose their initial financial statements within forty-five days of the elapse of their fiscal year and to supply the JSC with their annual reports, which include the financial statements, within a period not exceeding three months as of the end of their fiscal year.
Delegation of Postgraduate Students from Damascus University
Within the framework of ongoing cooperation between the ASE and its counterparts in Syria, and to tap into the Jordanian experience in the field of development and restructuring, a group of postgraduate students from Damascus University visited the ASE. They were presented with a brief expose on the ASE and its most significant achievements. The group went around the various sections and had a look at the way the ASE conducts its tasks. They also paid a visit to some brokerage firms to get acquainted with the buying and selling mechanisms. The delegation also visited Jordan Securities Commission and Securities Depository Center.
Opening Up the Investor Gallery
On May 12th the Investor Gallery will be opened on the fifth floor of the Housing Bank Complex. It is furnished with state-of-the-art equipment needed to serve investors, where they can follow up-to-the minute market information through ten screens and two Ticker Tapes, one in Arabic and the other in English, that continuously show trading in real time to meet investors and other concerned parties' needs. Several other facilities such as phones and seats are scattered around the gallery, which is equipped with computers that enable brokers to get into the system in the event of failure to enter the electronic trading system. Opening up this gallery, which is considered to be one of the most modern halls in the Middle East, falls within the ASE's policy of disseminating information amongst the largest number of investors and interested parties, with enhanced transparency, efficiency, fairness and quality services. There are also computer rooms that can be used in cases of emergency as a back up to the hardware used by the ASE, Jordan Securities Commission (JSC), and the Securities Depository Center (SDC).
The Executive Manager Gives a Lecture in Philadelphia University
Through its policy aiming at increasing the awareness of the Stock Exchange role in the national economy, Mr. Jalil Tarif gave a lecture in Philadelphia University. He talked about the ASE and the importance of capital markets in the economic growth in general, he also talked about the legislative and technical developments ASE has witnessed since its establishment in March 1999.
- The Executive Manager of ASE has decided to approve the re-dealing of the shares of the National Petroleum Company on the Third Market, following the completion of the necessary merger procedures of the Petra Drilling Company with the National Petroleum Company under the name of the latter as the merging company, starting March 14, 2002. The new company's capital amounts to 15 million shares.
- The Executive Manager of ASE has decided to suspend the trading of the shares of Livestock & Poultry Company as of March 21, 2002, after the decision, which was taken in the extra ordinary meeting for company general assembly in March 20, 2002.
- The Executive Manager of ASE has decided to approve trading on the new 488,221 shares of Al-Bilad company for Medical Services on the Third Market. The private subscription capital increase raised the subscribed and paid-in capital to 9 million shares as of March 28, 2002.
ASE Performance in the First Quarter 2002
ASE's performance was excellent during the first quarter of this year, the total trading value was JD220 million comparing to JD66 million for the same period of 2001, an increase of 233%. Also the number of shares traded reached 126.8 million, with an increase of 163% compared to the same period of last year. This was accompanied by an increase in the number of transactions, which registered 105 thousand, or 160% compared to 2001 first quarter.On the other hand, the general weighted price index has decreased to 172.2 point a decrease of 0.29% of its level at the beginning of this year. The price index for industry, insurance, and services sectors have increased by 6.45% 6.31%, and 1.63% respectively, while the banks index has decreased by 3.79%.
Visit by a Libyan Delegation to the ASE
- The Executive Manager of ASE received a Libyan delegation including the Banking Supervision Department Manager, the Central Bank Legal Department Manager, and a number of consultants and members of the teaching staff at the Libyan University. The delegation's visit lasted for a few days and covered the ASE and the other capital market institutions; they met with Mr. Nader Azar, the EM assistant of the ASE, who gave them an extensive briefing on the latest legislative and technical developments. The delegation learnt about developments witnessed by the JSC and the SDC and their operating systems.
- A group of students from the National Patriarchal College and the CMS School paid the ASE a visit, and listened to Mr. Sami Hattab, the Head of the Research and External Relations Department, presenting the latest developments at the ASE.
Majesty King Abdallah the Second inaugurated the headquarters of the Jordanian capital market
His Majesty King Abdallah the Second inaugurated, on the 3rd of March, the headquarters of the Jordanian capital market institutions, the Jordan Securities Commission (JSC), the Amman Stock Exchange (ASE), and the Securities Depository Center (SDC). A large ceremony took place during which the king unveiled a memorial portrait of the building and watched a documentary on the Jordanian capital market achievements over the last few years as well as on the building itself, which was constructed according to international standards. As such, the building meets the necessary computer, IT and telecommunications requirements of a state-of-the-art capital market. His Majesty commended the new capital market image as a living example of economic and financial restructuring. Dr. Bassam Saket, the JSC Chairman, made a brief presentation on the legislative efforts and the most significant market developments over the last four years. The Executive Manager of the ASE, Mr. Jalil Tarif, in his turn gave a short account of ASE achievements and work, the latest legislative and technical developments in terms of new regulations and instructions, implementation of the Electronic Trading System, Remote Trading, Intra-net, Management Information System, and dissemination of trading data via data providers, the Internet and live on the JTV Main Channel. His Majesty also listened to a succinct briefing on the Wide Area Network installation that links the capital market institutions to each other as well as to brokers, issuers and international capital markets. The king went through the main facilities of JSC, ASE, and SDC, and saw the main screens, the Arabic and English ticker tape, a live trading session in the trading hall and the servers room which is equipped with the latest high tech. His Majesty gave Royal instructions as to the need to further and sustain the efforts made by the capital market institutions. The event was attended by the Prime Minister, the Chief Chamberlain, His Highness Prince Ra'ed Ben Zeid the Head of Custodians and Ministers, and scores of high officials and Arab and foreign ambassadors.
ASE General Assembly Meeting
The ASE held its third General Assembly Meeting on 7/3/2002. 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 were discussed. Also, the account auditor for the ASE has been elected for the year 2002.
ASE's third Annual Report
ASE has issued its third annual report, both in Arabic & English. The report reviews the ASE's major accomplishments during 2001, 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.
Disclosure of Financial Results
The JSC addressed the public shareholding companies that have not yet disclosed their initial results within the time limit set under the Disclosure Instructions, which is 45 days as of the end of fiscal year. They were informed that a delay in disclosure makes them liable to legal measures taken vis-à-vis those who are in breach, in accordance with the provisions of the Securities Law No. 23 of the year 1997. Up to March 7, 2002 there were 148 public shareholding companies that have disclosed their initial results against 42 who have failed to do so.
The Executive Manager of ASE has decided to approve the re-listing of the shares of the Arab International Hotels company on the First Market, following the completion of the necessary merger procedures of the Al-Dawliyah For Industrial Trade And Tourist Investment company with the Arab International Hotels company under the name of the latter as the merging company, starting February 17, 2002 at an opening price of JD 2.63 . The new company capital amounts to 15,500,626 shares.
-The Executive Manager of ASE has decided to approve trading on the 1,511,779 capital increase shares of Al-Bilad company for Medical Services on the Third Market. The private subscription capital increase raised the subscribed and paid-in capital to 8,511,779 shares as of February 17, 2002.headquarters of the Jordanian capital market.
ASE achieve an outstanding performance according to S&P
ASE has been ranked as one of the best among the emerging markets according to Standard & Poors S&P indexes. With a 30% growth, ASE was the fifth in term of performance among the other emerging markets included in S&P indexes.
In cooperation with the USAID and through AMIR program, ASE is furnishing the trading hall located in fifth floor at the Housing Bank Complex with the necessary technical equipment, this hall will be provided with the required equipments and screens and it will be used as an Investors' Gallery. This gallery will enable investors to watch the trading and the prices on line, and it will be linked to Capital Market Building through the Wide Area Network.
- During its meeting held in February, 3rd 2002, the Board of Directors has agreed the ASE's estimated budget for 2002, as well as the annual report to be submitted to the General Assembly meeting.
- The Third General Assembly meeting for the ASE was set on March 7th 2002, to discuss the third annual report for the ASE, also to approve the auditor's report and the financial statements for 2001.
- The Board has decided to appoint Mr. Mithkal Obaidat as a head of the legal department for the ASE as of January 1st, 2002.
- The Board has decided to de-list the shares of Arab Food & Medical Appliances Company from the Second Market as of the January 16, 2002. The shares of the company shall be traded on the Third Market.
- The Board has decided to de-list the shares of Jordan Tobacco & Cigarettes from the Second Market as of the January 16, 2002. The shares of the company shall be traded on the Third Market.
- The Executive Manager has decided to list the 152,393 shares capital increase of Jordan Himeh Mineral Company, which emanated from private subscription, as of 22 January 2002, the subscribed and paid in capital became 0.5 million shares.
- The Executive Manager decided to list, as of January 22nd, 2002 the third issue of Jordanian Treasury Bonds, which were issued on December 27th, 2001. The maturity date is 27/12/2003, with a value of JD100 million, and 4.47% annual interest rate.
- The Executive Manager of ASE decided to suspend trading on the shares of National Petroleum Company in the third market as of January 21st, 2002, until completing of the merger procedures with Petra Drilling Company, and register the new company.
- The Executive Manager has decided to accept dealing the 947,500 shares capital increase of Arab American Insurance Company in the third market, which emanated from private subscription, as of 24 January 2002, the subscribed and paid in capital became 3 million shares.
ASE received groups of students from ِArab Academy for Banking & Finance Sciences, and a delegation from Jerash University. The deputy executive manager Mr. Nader Azar gave the students a brief on trading mechanisms and latest developments which were achieved in the ASE .ASE has also received a delegation from the National Petroleum Association from Libya Republic, they were given a presentation by Mr. Nader Azar about ASE and recent developments.
Annual Press Meeting
ASE is holding its annual press meeting early this month for the Third year. 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 2001.
Capital Market Wide Area Network Enters into Operation
The Wide Area Network (WAN) connecting the capital market institutions was put into operation in the beginning of December in the presence of high officials from the capital market institutions, the USAID and AMIR program. Mr. Jalil Tarif, the Executive Manager of ASE filled in the audience on the details of operation of the WAN, its phases of operation and the system's safety and security procedures, that links the JSC, ASE, and SDC with each other as well as with brokers, issuers and data venders, and that ensures electronic linkage with other financial institutions and international markets.
Visit by SAMA Delegation to the ASE
A delegation from Saudi Arabian Monetary Agency (SAMA), including the Surveillance Manager, the Legal Department Manager, a management consultant, and the Follow-up and Coordination Manager, has paid the ASE and other capital market institutions a few-days visit. The delegation met with Mr. Jalil Tarif, the Executive Manager of the ASE, who gave them an extensive briefing on the latest legislative and technical developments, particularly those related to the mechanism of the electronic trading system, the data base system and dissemination of information via all available means. The delegation took a look on the Jordanian experiment in capital market development, in legal and regulatory terms and the separation between the supervisory and the executive. They also followed development at the JSC and the SDC and their operating systems, in preparation for a redevelopment of the Saudi Stock Market and separation between the supervisory and the executive in line with developed markets and new investment laws
Companies Guide for 2001
The fifteenth release of the Public Shareholding Companies Guide for 2001 was issued on a CD ROM with a new design. It includes general information on public shareholding companies, the most significant financial statements for the last five years, and the most important indicators and financial ratios for the last two years. Sectoral cumulative data of the companies for the last three years were also added.
ASE Price Index Sample for 2002
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, five companies were drag from the last sample and five companies were added to the sample, and the sample as a whole made up 88.8% of the total market capitalization, 95.8% of the value of trading and 87.2% of the number of traded shares on ASE
- The Board of Directors of ASE decided to delist the shares of Middle East Development & Trade Co, and Intermediate Petro-Chemical Industries from the Second Market. The shares of these companies shall be traded through the Third Market, as of 5,December 2001.- The Executive Manager decided to list the second issue of Jordanian Treasury Bonds, were issued on November 25th, 2001. The maturity date is 25/11/2003, with a value of JD100 million, and (4.46%) annual interest rate, as of 20,December 2001.