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Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P
Posted: 07-06-2008 , 18:32 GMT
Global Investment House – Jordan (Global – Jordan) announced the successful private placement of a six-month, USD20 million commercial paper issue for Middle East Complex for Engineering, Electronics & Heavy Industries PLC (MEC).
A number of reputable financial institutions and commercial banks such as Union Bank, Jordan Ahli Bank, and Blom Bank participated in the issue. Global- Jordan acted as lead manager and structuring agent and Union Bank was the underwriter.
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Mr. Sami Nabulsi, Head of Investment Banking, at Global-Jordan said, "We are proud to have worked with Union Bank on this deal for MEC, the leader in the electric appliances market in Jordan and a strong regional player."
note: Union Bank is a well respected bank worldwide.
He added, "We wanted to provide MEC with the funds required to expand its operations while reducing its financing costs at the same time. The best vehicle was a commercial paper issue because they are short-term fixed income securities that are flexible, relatively easy to structure, and usually a cheaper means to finance operations."
The USD20 million commercial paper will be used by MEC to improve the cost of its short-term borrowing and finance its working capital needs. According to Nabulsi, the commercial paper was denominated in USD in order to capitalize on the dollar's low interest rates.
note: MEC is one of the largest companies in the Middle East and North Africa regions.
MEC's CFO, Mr. Mashhour A. El Basha, said that, "Through its long experience and in partnering with well known brands like; LG, Daewoo, and Haier in addition to developing its own brands (mainly Acma), MEC has become one of the largest companies in the Middle East and North Africa ("MENA") regions. Our announcement of the new project, which is considered the first of its kind in the region, has further reinforced our status as a regional heavyweight. With an initial investment JD117 million, projected average annual sales of JD213 million, and ROI of 27%, production is scheduled to begin in early 2009."
He added, "MEC always cares to finance its working capital needs in co-operation with the best investment companies in the region such as Global-Jordan".
It is worth mentioning that Global-Jordan is fully owned by Global Investment House (Global), one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") regions.
With over 45 employees and total assets exceeding JD35 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, and initial public offerings (IPOs) to name a few.
Nabulsi, ended by saying that "the successful closing of this deal is a testimony to Global's commitment to excellence through its delivery of financial and investment products and services that exceed market expectations. Establishing a solid track record and an excellent reputation over the past few years is one of the main reasons MEC selected Global for its investment needs".
About Global Investment House "Global"
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.5 billion (USD 9.3 billion) by 31 March 2008.
For more information, please visit our website on www.globalinv.net
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