The First Public Takeover Bid at Amman Stock Exchange
Amman Stock Exchange (ASE) has executed for the first time a public takeover bid on a listed company. This comes in accordance with provision of Article (45) of The Securities Law and in accordance with instructions issued by the board of the Jordan Securities Commission (JSC), which require any person who shall bid to purchase, or acquire more than 40% of a Public Issuer's securities to offer a public takeover bid for all the shareholders, in addition to taking the JSC's approval beforehand. It also should disclose the operation in two daily newspapers two times at least in seven days before the execution of the operation. This procedure shall protect of the investors' rights and equal opportunities.
The CEO of the ASE, Mr. Jalil Tarif, added that the operation was executed between (09:30-10:30) am Wednesday morning, November 7 th , 2007. The person who executed the operation entered the purchase order of the desired quantity through a specific brokerage firm in a pre-determined price, and the owners who wanted to sell their securities entered the selling orders at the same price. Hence, the operation was executed after the buyer got the required quantity at the end of the period of the public takeover bid at 10:30 am.
Training on the Trading System NSC V900
As part of the ASE's arrangements to improve its trading system, a delegation of employees from the Listing and Operations Department and IT and Communications Department visited the Atos Euronext Market Solution (AEMS) Company in Paris to get theoretical and practical training on the new version of the electronic trading system NSC V900 as an introduction to put it into effect next year.
Using the latest technology in the electronic trading system recognizes the new version. It is characterized by high quality and high speed, in addition to a number of new features such as improved surveillance systems, the facility of linking other systems with the trading system, and providing new sorts of bid and ask orders.
The Third Muscat Securities Market Forum
Amman Stock Exchange, represented by the head of the Public and Awareness Department, Mr. Amjad Al-Qudah, participated in the Third Muscat Securities Market Forum, which was held in Muscat/Oman during the period November 3-4, 2007. A number of journalists and representatives of Arab Securities Market also attended the forum.
During the forum, they discussed awareness programs in financial Markets and their importance in educating investors and raising the level of their investment awareness. The ASE also participated in a booth to introduce its role and its investment opportunities to visitors and investors.
Bilateral Exchange Program with FEAS Members
As a part of the efforts exerted to enhance the bilateral cooperation among the members of the Federation of Euro- Asian Stock Exchanges (FEAS), the FEAS held a number of bilateral cooperation programs and visits among the member stock exchanges. In this framework, the Head of Surveillance and Inspection Department, Mr. Saad Alawneh and Mr. Abdullatif Shehadeh from the Listing and Operations Department, visited Istanbul Stock Exchange. They were briefed about the trading system, surveillance and technological systems of the exchange and toured the departments of the exchange. They also visited a number of financial services firms.
A Student Delegation from Mo 'ta Univ. visits ASE
The Deputy CEO of the ASE, Mr. Nader Azar, received a delegation from Mo 'ta University. Mr. Azar, briefed the delegation on the latest technical and legislative developments of Jordan Capital Market.
Amman Stock Exchange is a Full Member at the WFE
The World Federation of Exchanges (WFE) has accepted the full membership of Amman Stock Exchange (ASE) during its annual meeting, which was held in Shanghai/China between October 14-15,2007.The Chairman of the ASE, Mr. Mohammad S. Hourani, and the CEO, Mr. Jalil Tarif participated in the meeting. Mr. Hourani gave a speech as gratitude of the Federation board and directors for their trust in the ASE, and he assured that the ASE would always adhere to the international standards. He added that the ASE's full membership came as a result of the developments of Jordan capital market in general and the technical, legislative developments of ASE in particular, besides abiding by transparency and disclosure principles.
Mr. Tarif said that since the ASE has been accepted as an affiliate member in 2004, it has worked hard to meet the Federation's requirements and a delegation has made an official visit to ASE on the purpose of inspecting the compliance to the international principles of the securities markets. The inspectors presented a report to the Federation's Board on which the ASE was elected a full member at the WFE. The report praised the advanced technical and surveillance levels of the ASE and the Jordan Securities Commission (JSC) efficiency in increasing the transparency, disclosure and investors protection.
This membership is considered an indicator about the investment climate in the members markets to the investors around the world, as many investors prefer to invest in member markets of the WFE, which are distinguished by a high caliber.
The ASE's full membership will contribute to its ability to benefit from other members experiences through mutual cooperation. Whereas the WFE is an important reference in the field of securities in regard to the principles of trading, clearance, disclosure, brokers and investors protection. The WFE is also the biggest world assembly of stock exchanges. The WFE consists of 58 members from different countries constituting 97% of market capitalization of the entire world exchanges such as New York Stock Exchange, NASDAQ, London Stock Exchange, Euronext, OMX Exchanges, Tokyo Stock Exchange and Germany Stock Exchange.
An Investment Conference in New York City
Under the patronage of the Jordan Securities Commission, the Amman Stock Exchange, in cooperation with the Bank of New York Mellon and Auerbach Grayson Company and in partnership with the Jordan Securities Depository Center, organized a Jordan Capital Market Conference in New York during the period October 3-4, 2007. The Conference aimed at achieving interconnection with the International Capital Markets and international investors. The meeting was attended by chairmen of the ASE and SDC, shareholding companies listed at the ASE and around 80 investment managers representing major financial and industrial institutions in the United States of America.
The Executive Chairman of the JSC, Dr. Bassam Al-Saket on his part presented the most important economic indicators and legal frameworks that govern the capital market in Jordan, as well as the tasks undertaken by the JSC in the areas of monitoring, legislations, law enforcement and investors protection. He talked about the development witnessed by the Jordanian capital market in terms of disclosure and transparency, as well as the volume of foreign ownership in the market that is close to half the volume of the capital value in the market. Dr. Al-Saket said that the meeting in New York represents a translation of one of the items of the capital market strategy, which comes in line with the directives of HM King Abdullah II Bin Al-Hussein for strengthening the market, increasing foreign investment and creating an attractive investment environment in order to make Jordan an advanced financial center in the region. It also provides financial companies and national institutions the opportunity to present their achievements and the investment opportunities available to international investors, and allows investors to learn about the current legislations and regulations that govern the work of capital market institutions as well as future trends, particularly in the areas of disclosure, market development and regulation, and the measures that emphasize the rule of law on trading for the purpose of protecting investors.
Mr. Jalil Tarif, the CEO of ASE reviewed the investment opportunities at the Amman Stock Exchange, as well as the history of the Jordanian capital market and the latest legislative, technological and quantitative developments witnessed in the market. He stressed that the ASE was able to attract more foreign investments, exceeding 45% of the total market value, indicating that this was due to the investors' confidence in investing at the ASE, which enjoys complete freedom of capital movement, the absence of taxes on capital gains, and distribution in an attractive investment structure and economic openness.
Mr. Tarif also added that the ASE achieved a specific step in the legislative and technical domains, it also became a full member at the World Federation of Exchanges, which is considered as a turning point and an international recognition of the ASE.
The CEO of the SDC, Mr. Samir Jaradat, reviewed the role that SDC plays in the processes of settlement and clearing and ownership transfer. He also addressed the international standards that are applied by SDC and that contribute to enhancing confidence in the Jordanian capital market.
A number of Jordanian companies which took part in the conference: Arab Bank, Tameer Jordan Holdings Public Shareholding, United Arab Investors, Middle East Complex for ENG. Electronic and Heavy Industries, Jordan Investment Trust, Jordan Phosphate Mines, Jordan Kuwait Bank, Jordan Telecommunication , Global Investment House. Representatives of those companies, which represent 60% of the total market Capital, gave presentations about their companies, their past, current and future projects, and their impact on the profit of these companies.
Following the presentations of capital market institutions and companies, bilateral meetings were held between the Jordanian companies and investors interested in investing in the Jordanian market. The meetings came in response to the investors' wishes to explore investment opportunities in these companies. A total of 26 bilateral meetings were held with leading investors.
The Executive Chairman of the JSC, Dr. Bassam Al-Saket and the CEO of the ASE, Mr. Jalil Tarif met the CEO of New York Stock Exchange, Mr. John Thai. During the meeting they reviewed the ways of cooperation between the New York Stock Exchange and Jordan Capital Market, they also agreed on holding a series of training and technical program in Amman and New York to strengthen the capacities of the employees of Jordan Capital Market.
The New York Stock Exchange is considered as one of the largest and most compared Stock Exchange Worldwide, its market capitalization is around US$ 30 trillion after its merge with Euro Next Stock Exchange.
ASE Hosts the Union of Arab Stock Exchange's Meeting
Amman Stock Exchange (ASE) hosted the twenty-ninth meeting of the Union of Arab Stock Exchanges, which was chaired by the ASE chairman, Mr. Mohammed S. Hourani, and attended by representatives from 10 Arab stock exchanges, 3 Arab securities commissions and 2 clearance firms. Mr. Hourani stressed the importance of such gatherings between the Union's members to achieve the goals of the Union and a fair and transparent environment in Arab stock exchanges. He emphasized the need for eliminating obstacles that preclude trading securities among markets, achieving conformity among laws and regulations of Arab stock exchanges and providing for further exchange of expertise in line with the Union's objectives.
The CEO of the ASE, Mr. Jalil Tarif as the Head of the committee assigned by the Union to modify the Charter and activate the Union's role, briefed the participants on the committee's achievements. The committee also includes CEOs from Cairo and Alexandria Stock Exchanges, Muscat Securities Market and Beirut Stock Exchange. The committee has so far completed the draft of the Union's Charter. It also presented its recommendations on activating the Union's role on Arab and international levels through the restructuring of the Union secretariat. It also recommended activating the role of the secretariat and formulating a mechanism for cooperation among financial securities institutions, it also recommended strengthening contacts among companies operating in the field of financial services in Arab countries through conducting training courses and meetings and focusing on financial securities-related issues.
They decided to set up a website for the Union to act as a reliable information source. It was also agreed that the next meeting would be held during the first half of the coming year in Cairo in order to endorse the Union's Charter in its final blueprint and restructure the Union secretariat.
Companies Quarterly Reports of the Period Ending in 30/9/2007
By virtue of the ASE Listing Directives for the year 2004, all companies listed at the First Market must submit reviewed quarterly reports during the first month follows the said quarter and by the end of Wednesday 31/10/2007, the time limit of receiving the reviewed quarterly reports has ended. The number of companies which submitted their audited quarterly reports reached 103 companies representing (93.6%) of the overall companies listed at the First Market.
The United Arab Investors has submitted its un-reviewed quarterly report, whereas, Al-Faris National Company For Investment and Export, Jordan Phosphate Mines, AD-Dulayl Industrial Park Co. plc, Jordan New Cable, Arab Electrical Industries and the First National Vegetable Industries Company have not submitted their reviewed quarterly report in breach to Article (15/B) of the Directives for Listing securities.
The ASE circulates these reports to the brokerage firms, post them on, ASE boards and on the ASE website (Arabic version) 22.214.171.124 in the Circulars and Disclosures/quarterly reports window.
Market Watch Live Service
Amman Stock Exchange (ASE) has launched the Market Watch Live program through its website, which comes as a realization of its policy in fostering disclosure and transparency in Jordan capital market. The ASE seeks to provide a fair, efficient market to meet investors needs. The program, which was in-house developed, will enable investors at the ASE to follow up their investments live day-to-day.
This service would contribute to increasing investment in securities in Jordan, especially that it would provide live information to the investors worldwide. This service comes in line with the ASE's efforts to improve ways of information dissemination, which will help investors in taking the right investment decision.
This program provides several services such as market depth inquiry (best 5 buy and sell orders), latest 20 executed orders, best 10 increasing companies and most decreasing ones in stock price, best 10 companies according to trading volume, graph that shows change in index value and company price.
This service comes as an important step to introduce the internet trading service, which is under final testing. There are three varieties of the program, which suit the requirements of the investors. They differ in the quantity and the quality of the provided information. The first choice is a free-of-charge version with 15 minutes delayed information. The second choice is a version that aims at enabling investors to watch the securities trading and it basically serves investors who are interested in watching a specific number of stocks live during the trading session with the possibility of adding and removing stocks from the list. On the other hand, the third choice is an advanced version that entitles investors to watch the entire traded securities and to make more than one list of selected stock that can cover all listed securities. This choice is characterized by advanced qualities since it is directed at senior investors. It also needs special equipments such high-speed connection and high-tech appliances. As for the third version it will be the previously mentioned free version.
The program will be available on the ASE website for free during the first month while the market depth service will be temporarily suspended during the free period since all required information will be available within the program, then it will be re-activated.
The ASE invites all investors to register in the free month through the ASE website 126.96.36.199 and the direct link www.aselive.jo . After the free period, registration will be through brokerage firms and charged according to the required service as clarified on the ASE website.
The ASE Participates in the WFIC
Amman Stock Exchange, represented by the Deputy CEO, Mr. Nader Azar, participated in the World Financial Information Conference (WFIC), which was held in USA during the period 23-26 September 2007. The conference concentrated on fostering the means and strategies of co-operation between the members so as to enhance growth in the Middle East and African region (MEA). Mr. Azar, as a panelist, gave a presentation on the financial instruments and services provided at the ASE. He also tackled the latest development of introducing the Market Watch Live program, which provides timely, live information about trading to the whole world. It is worth mentioning that the Software and Information Industry Association (SIIA) was established to provide neutral and accurate information about exchanges, brokerage firms, companies, banks, asset managers and market data vendors. A subdivision of the association is the Financial Information Services Division (FISD), which is interested in exchanging ideas among its members and improving the business level to rise up to the international caliber.
The Annual Meeting of FEAS
The ASE, represented by the Deputy CEO Mr. Nader Azer, participated in the thirteenth annual meeting of the Federation of Euro - Asian Stock Exchanges (FEAS). The Federation is comprised of 32 members from 28 countries. The meeting was held in Belgrade/ Serbia during the period September 6-8,2007. Mr. Azer headed the meeting committee, as the ASE also heads the working committee since 2004.
A number of important issues were discussed. Issues such as the five-year strategy of the Federation was revised, the final stage of Dao Jones Index agreement, the bi-annual report and they also agreed to offer a financial and technical support. They encouraged the activation of the bilateral cooperation program among the member of FEAS. Several reports were also discussed such as analyzing the revenues and expenditures of the member stocks and the reports of working committee of the Federation.
Mr. Azer stressed on the importance of activating these committees, he also added that there should be periodical reports presented to the Federation's secretariat. In the meeting, they agreed to establish a training center in one of the member countries. They also endorsed the financial reports and agreed on holding the next meeting for the committee in Baku / Azerpejan and the annual meeting in Abu Dhabi in the United States of Emirates in the year 2008.
The award of the Best Chief Information Officer in the Middle East
The Head of Information and Technology Department at Amman Stock Exchange, Mr. Mohammad Al Khatib, won the award of the Best Chief Information Officer in the Middle East, which was presented by Arabian Computing News Magazine. The award was presented by Mr. Walid Akawi the CEO of the IT business publishing. The assembly was held in Dubai in the presence of more than 400 attendants.
Delegation From WFE Visits ASE
A delegation from the World Federation of Exchanges (WFE) has made an official visit to Amman Stock Exchange (ASE) on the purpose of inspecting the compliance of the ASE to the international principles of the securities markets. This visit comes in the course of the Federation's procedures before accepting the ASE's full membership.
The delegation consisted of the Secretary General of the Federation, Mr. Thomas Krantz, the CEO of the Financial Industry Regulatory Authority (FINRA), Mr.Steven Ploansky and the Vice Chairman of Istanbul Stock Exchange/ Secretary General of the Federation of Euro-Asian Stock Exchanges (FEAS), Mr.Aril Seren. They met with the Executive Chairman of Jordan Securities Commission (JSC), Dr. Bassam Saket and other officers of the JSC, the ASE Chairman, Mr. Mohammed S. Hourani, his deputy, the CEO of ASE, Mr. Jalil Tarif, his deputy and officers of the ASE and the CEO of the Securities Depository Center (SDC), Mr. Samir Jaradat.
It is worth mentioning that the WFE comprises 57 stock exchanges from different countries of the world, which constitutes 97% of the market capital of the world's securities markets. Some of the nameable stock exchanges are New York Stock Exchange, NASDAQ, London Stock Exchange, Euronext, and OMX Exchanges.
The ASE's success in gaining the full membership in the WFE is considered an international recognition of the ASE's development in the legislative, supervisory and technical aspects. The WFE will vote on accepting the full membership of the ASE in its upcoming meeting in mid October 2007 in Shanghai, China.
Bilateral Exchange Program with FEAS Members
As a part of the efforts exerted to enhance the bilateral cooperation among the members of the Federation of Euro- Asian Stock Exchanges (FEAS), the FEAS held a number of bilateral cooperation programs and visits among the member stock exchanges. In this framework, a trainee from Muscat Securities Market visited Amman Stock Exchange. During the visit, he was briefed on issues related to the work of the Awareness and Public Relations department in addition to other departments of the exchange.
The Performance of Companies during the First Half of 2007
The performance of the listed shareholding companies at the ASE, reveal improvement during the first half of the year 2007compared with the same period of the year 2006. The financial reports of (177) listed companies, which submitted their semi-annual reports, reveal growth in their assets by the end of the year 2007, a rise of (20.2%) compared with the year 2006;the assets reached JD (48.5) billion .The shareholders rights increased by (5.9%) to reach JD (9.4) billion .In addition, the pre-tax profit of these companies increased to JD (696.7) millions for the first half of the year 2006, an increase (28.1%).
On the sectoral level, the pre-tax net profit increased for the service sector to JD (105.3) million by the end of the first half of the year 2007 compared with (77.6) for the same period of the year 2006, an increase of (35.7%) .The pre-tax net profit also increased for the financial sector to JD (498) millions compared with JD (387.6) millions for the first half of the year 2006,a rise of (28.5%); as for the industrial sector, the pre-tax net profit reached JD (92.9) million.
A Delegation from WFE Visits ASE
In the course of the Amman Stock Exchange's full membership in the World Federation of Exchanges, the WFE Board of Directors has decided to assign inspectors from Istanbul Stock Exchange and Nasdaq Stock Exchange to conduct a field visit to the ASE and the institutions of the Jordan capital market during August,2007. The visit aims at inspecting the compliance of the ASE's regulations and legislations to the international ones. Moreover, they will inspect the structural framework, surveillance criteria and clearance and settlement procedures .
A Delegation from the Libyan Securities Market visits ASE
he Deputy CEO of the ASE, Mr. Nader Azar, received a delegation from the Libyan securities market during their visit to the institutions of Jordan capital market. Mr. Azar, briefed the delegation on the latest technical and legislative developments of Jordan capital market. The delegation also met the head of the legal department; Mrs. Abla Najdawi, she informed them about the legal aspects of the ASE so as they benefit from the Jordanian expertise in this domain. They also visited some of the financial brokerage firms, the investor gallery and toured the ASE facilities.
The ASE Holds a Series of Awareness Lectures
The Amman Stock Exchange (ASE) in cooperation with Jordan Securities Commission (JSC) and the Securities Depository Center (SDC) held a series of awareness lectures to the public who are interested in dealing with securities. These lectures concentrated on basic topics relevant to Jordan Capital Market, dealing with securities and some tips to the investors, in addition to a glimpse about basic concepts related to capital market including securities, bonds, mutual funds, right issues, corporate governance, indices, fundamental analysis for securities and procedures of identification of clients at the SDC. Holding such lectures goes in line with the ASE's policy of strengthening its ties with the local community and spreading the investment culture and raising awareness among citizens and investors. These awareness programs stress the important role of the national capital market in increasing investments and creating job opportunities, which supports the economic growth in the kingdom. The program, which is free of charge, witnessed a remarkable attendance as the number of participants reached about (120).
The ASE and LSE Sign Co-operation Agreement
The Amman Stock Exchange (ASE) and The London Stock Exchange (LSE) have signed a co-operation agreement to formalize the existing strong ties between the two organizations. The agreement will provide a mechanism of long term co-operation and foster the development of channels of communication and a continuing relationship between the ASE and the LSE for the respective benefit of the financial services industry in both countries and will assist in the maintenance of orderly markets in securities on the markets operated by each party. In particular, the agreement covers such areas of co-operation as the development of a growth market, enhancing the quality of the secondary market, the development of rules, assistance with the process of exchange demutualisation and the provision of capital markets training. The signing of this co-operation agreement with the London Stock Exchange is an important step in the long-term development of the ASE and the Jordanian economy. We look forward to the development of our already fruitful relationship with the London Stock Exchange.”
It is worth mentioning that LSE values its links with other exchanges very highly. It looks forward to developing its strong relationship with the Amman Stock Exchange, to the mutual benefit of the two countries' companies and markets .”
It is worth mentioning that the ASE organized a Jordan Capital Market Day seminar at the London Stock Exchange in February 2007, to maintain ways of communications with world financial markets and international investors. The meeting was attended by investment managers representing the largest funds managers in the United Kingdom. Jordanian companies representing major financial and industrial institutions also took part in the day.
The London Stock Exchange is the most international equities exchange in the world and Europe's largest pool of liquidity. By the end of 2006, the market capitalization of UK and international companies on the London Stock Exchange's markets amounted to £4.4 trillion.
The ASE Participates in the 4 th International Capital Markets Conference
The ASE, represented by H.E Mr. Mohammad S . Hourani, the chairman of the board, and Mr. Jalil Tarif, the CEO of the ASE, participated in the 4 th International Capital Markets Conference, which was held in Greece during the period 18-19 June, 2007. The conference concentrated on fostering the means and strategies of co-operation between the members. In the opening session Mr. Tarif presented a paper on the establishment and the development of the ASE. Mr. Tarif also tackled the organizational structure, the performance, and the future outlook of the ASE, in addition to the investment opportunities in Jordan capital market.
A Syrian Delegation from HIBA Univ. visits ASE
The CEO of the ASE, Mr. Jalil Tarif, received a delegation from the University of Business Administration (HIBA/Syria). The deputy CEO, Mr. Azar, briefed the delegation on the latest technical and legislative developments of Jordan Capital Market. The delegation visited some of the financial brokerage firms; the Investor's Gallery and toured the ASE facilities.
His Majesty ? Lays Foundation Stone for the National Financial Center of Jordan
His Majesty King Abdullah ? II laid the foundation stone for the building of the National Financial Center of Jordan, which is established as a realization of his Majesty's vision of fostering the presence of Jordan as a remarkable financial center in the region, which provides specialized internationally recognized facilities for investors in the capital market. Establishing this center is considered a pioneering step to encourage investment in Jordanian securities, which has a positive effect on encouraging investment and economic growth. The building is comprised of the Amman Stock Exchange, Securities Depository Center, brokerage firms, investors' gallery, bank offices and a specialized financial institute at which specialized, technical cadres will be trained to work at the local and regional levels. The center will be built on a land beside the current building of Jordan Capital Market Institutions in Arjan; the land is (14184) square meters. It encompasses facilities equipped with advanced electronic infrastructure, in addition to the investors' gallery, which includes technical equipments, video walls, electronic networks that enable investors to follow up their investments in the ASE.
A Delegation from Uzbekistan Visits the ASE
The CEO of the ASE, Mr. Jalil Tarif, received a delegation of the General Union of businesswomen and Contracting works in Uzbekistan headed by Mrs. Miaadlova Qadrovna during their visit to some key financial institutions in Jordan. Mr. Tarif briefed them on the nature of the work of the ASE, the latest legislative and technical developments of Jordan Capital
Market and principles of investment in the ASE. Also, Mr. Azar, the deputy CEO of the ASE, briefed them on the important future plans of the ASE.
A Greek Delegation from UNIDO visits ASE
The CEO of Amman Stock Exchange, Mr. Jalil Tarif, received a delegation from the Unit of United Nations Industrial Development Organization (UNIDO) headed by Mr. Nikolacs Keranis, Head of UNIDO Investment and Technology Promotion Office. During the meeting Mr. Tarif and Mr. Keranis discussed means of strengthening economic cooperation between the ASE and UNIDO organization. Mr. Tarif briefed the delegation on the latest developments of Jordan Capital Market. Mr. Amjad Qudah, Director of Awareness and Public Relations in the ASE and Mr. Theodore Karalis and Ms. Irene Saites investment promotion experts from UNIDO attended the meeting.
Meeting of FEAS Working Committee
The Deputy CEO of the AES, Mr. Nader Azar, chaired the meeting of the working committee of the Federation of Euro-Asian Stock Exchanges (FEAS) which was held in Kiev/Ukraine in May 3-4, 2007. The meeting handled various issues such as the semi-annual report of the Federation, the expenditure and revenue analysis, the reports of the union task forces, the bilateral training program for member exchanges, the suggested activities for the year 2007 and the areas of cooperation between the Federation and the World Federation of Exchanges (WFE). The committee comprised 30 members of mid and South Asia and other countries from the Middle East including (7) Arab stock exchanges.
The Legal Framework Of Trading In Securities Workshop
ASE participated in a workshop on the legal framework of trading in securities, which was held by the JSC in cooperation with the Legal Network for Arab Women in the presence of 100 judges from the Palace of Justice, Amman court of First Instance, appeal courts, courts of first instance and courts of settlement. The workshop, which is held annually by the JSC, aims at exchanging experiences and information in this field, and promoting the competence in the technical and legal aspects of securities.
The Annual U.S. Securities Meeting
The ASE, represented by Mr. Bassam Abu Abass, director of the Listing and Operations Department and Mr. Nidal Hamdan, director of the Administrative and Financial Department participated in the U.S. Securities and Exchange Commission's annual International Institute for Securities Market Development which was held in Washington D.C from April 16-26,2007. The meeting addressed several issues including the market development, surveillance and regulation of securities markets.
Delegations visit the ASE
The deputy CEO of the ASE, Mr.Nader Azer, received a delegation from the Sultanate of Oman during their participation in a training program between Yarmouk University and the Sultanate of Oman entitled “Accounting”. Mr.Amjad Al-Qudah the director of the Awareness and Public Relations department briefed the delegation on the latest legislative and technical developments of the Jordan capital market. Students Delegations from Applied Sciences University and Irbid University/Banking and Financial Sciences visited the ASE. Mr. Nader Azar, the Deputy CEO of ASE briefed them about the nature of the work of the ASE and the latest developments in Jordan capital market. They also visited the investors' gallery and some brokerage firms.
The first quarterly report 2007
By virtue of the ASE Listing Directives, all companies listed at the First Market must submit quarterly reports reviewed by their external auditors during the first month follows the said quarter. Such a step shall increase transparency and disclosure in Jordan capital market by providing information to investors on companies' performance, which helps investors in making their investment decisions.
The ASE received the first quarterly reports prepared by the companies listed at the First Market. By the deadline; the number of companies that submitted their reviewed reports were (83) companies, representing (88%) of the overall (94) companies listed on the First Market. The Universal Chemical Industries Company submitted its reviewed quarterly report after the time limit; Jordan Central company, and Jordan Ceramic Industries submitted an un-reviewed quarterly report within the time limit. Nine companies did not submit their reports within the time limit, in breach of Article 15(b) of the ASE Listing Directives: The Holy Land Insurance, Jordan French Insurance, Jordan International Insurance, Union Investment corporation, Al-Tajamouat for Catering & Housing, Specialized Investment Compounds, Arab East Investment, Jordan Phosphate Mines and Woolen Industries.
The ASE circulated the received quarterly reports to all its brokers and investors through the ASE website (Arabic version) 188.8.131.52 in the Circulars and Disclosures / quarterly reports.
Meetings with Jordanian Armed Forces Officers
In line with the policy of capital market institutions of meeting various parties of the society, the Chairman of th e Jordan Securities Commission , as well as the Chief Executive Officers of the JSC, the ASE and the Securities Depository Center SDC , met officers from the Jordanian Armed Forces. Mr. Jalil Tarif, the CEO of the ASE, briefed the delegation on the nature of the work of the ASE and the latest legislative and technical developments on the Jordan Capital Market .
The Annual Conference of the (IOSCO)
The ASE represented by H.E. Mr. Mohammad S. Al-Hourani, Chairman of the Board of Directors, and Mr. Jalil Tarif, the CEO of the ASE, participated in the annual conference of the International Organization of Securities Commission (IOSCO) which was held in India, April, 2007.
Rotary Club of Amman Petra
The ASE, represented by Mr. Jalil Tarif the CEO of the ASE, participated in the weekly meeting for the Rotary Club of Amman Petra, which includes elite of businessmen and women, industry, trading, engineers and doctors. Mr. Jalil Tarif briefed the audience on the latest legislative and technical developments on the Jordan Capital Market.
Delegations visit the ASE
ASE General Assembly 8th Meeting
On March 29th, 2007 the ASE held its 8th General Assembly meeting, which was chaired by H.E. Mr. Mohammad S. AL-Hourani, Chairman of the Board of Directors and with the presence of members of the Board, the CEO of the ASE, and the Jordan Securities Commission (JSC) representative. During the meeting, the Board of Directors reported on ASE's accomplishments, activities and future plans were discussed as well. Furthermore, the report of the ASE auditor was presented and the financial statements of the year ending on December 31st, 2006 were endorsed.
ASE Website Wins the Best Financial Website in Jordan Award
The ASE website won for the third year the Award of the best financial website in Jordan during its participation through its website in the Regional Website and Information Technology Exhibition (WEBIT 2007) that was held during the period 19- 21 March 2007. Dr. Muntaser Oqleh, Secretary of the Ministry of Industry and Trade, presented the award to Mr. Mohammed Al- Khatib, the Director of the IT and Communications Department. A large number of public and private institutions participated through their websites in the exhibition.
The Romanian Ambassador Visits ASE
The CEO of the ASE, Mr. Jalil Tarif received the Romanian Ambassador in Jordan Mr. Radu Onofrei. During the meeting Mr. Tarif and Mr. Onofrei discussed means of strengthening investments between the two countries and cooperation between the ASE and the Bucharest Stock Exchange (BSE). Mr. Tarif briefed the Ambassador on the latest developments on the Jordan Capital Market in the presence of Mr. Nader Azar, deputy CEO of the ASE.
Yemeni Delegation Visits ASE
Chief Executive Officer of the ASE, Jalil Tarif, received a Yemeni delegation led by Mr. Salah Al-Attar, the President of the Yemeni Investment Corporation during their visit to the Kingdom to benefit from the Jordanian experience in attracting investments. During the meeting, Mr. Tarif gave a presentation on the recent legislative and technical developments in the Jordanian capital market that have contributed in attracting local and foreign investments. Mr. Tarif indicated that the increase of indirect investments is a proof of the trust in the Jordanian capital market in particular and in Jordan's economy in general. Mr. Al-Attar praised on the high and advanced level achieved by the ASE and the Jordanian capital market institutions in the various legislative and technical aspects and hoped that Yemen will benefit from the Jordanian experience in establishing a stock market in Yemen.
Conference of Corporate Governance 2007
The ASE represented by Mr. Moayyad Tahtamouni, the Head of Listing Division of the listing and operation Department participated in the conference of corporate governance held in the Dead Sea, March 31, 2007. The conference aimed at increasing the interaction between participants and exchanging experiences in markets so as to consider the international notions and practices of the corporate governance, as well as, to find practical solutions, which go in line with the regional environment. The conference was concerned with preparing for the basics of the governance principles and enhancing change, which increases the competition among corporations. It also aimed at attracting foreign investments to the domestic markets. Issues pertaining to the role of the board of directors and the difference between the notions of the international governance and its practices were discussed. Experts from the public and private sectors representing Jordan, Qatar, Bahrain, UAE, Saudi Arabia, Oman, Kuwait and Egypt attended the conference.
Technical and Fundamental Analysis Course
A number of the ASE employees participated in a specialized training course in technical and fundamental analysis in financial markets, which was held by the association of Certified Capital Market Professional. Sixty-eight trainees representing most of the financial brokerage offices, representative of the Jordanian capital market institutions, Palestine Securities Markets and delegations of some public shareholding companies attended the course. The seven-day course aimed at introducing the concepts of the technical and fundamental analysis and their role in leading the shares' prices within supply and demand points in the financial markets. It also handled the diverse technical analysis concepts and methods of controlling the share price through analyzing its historical performance and studying its historical opening and closing prices and analyzing the daily share prices, which gives the investor and the broker indicator that help them expect the increasing or decreasing of share price and specify the suitable time for bid and ask or the period of preserving the shares.
Delegations visit the ASE
Delegations from Palestine Securities Exchange (PSE) and Sultanate Oman Capital Market Authority visited the ASE during their visits to Jordan Capital Markets Institutions. The Delegations were briefed on the nature of the work of the ASE and the latest developments on the Jordan Capital Market
ASE Issues an Investment Guide
The ASE has issued the «Guide for Investing in the ASE», which includes an introduction about the securities market and the purposes and goals of the Jordanian Capital Market Institutions, as well as the principles of investment in the stock exchange and the main regulations that need to be adhered to by investors. The Guide also stated the guidelines, the glossary and the financial rates used in capital markets, due to their importance for people who are interested in and who deal with the Jordanian capital market. The issuance of this Guide is in line with the ASE's keen interest in enhancing its connections and continuous outreach with the local community as well as its policy of promoting the investment culture and raising the awareness of citizens and people who deal with securities. This Guide also is posted on the ASE's website 184.108.40.206.
The Chairman of CSRC Visits the ASE
H. E. Mr. Mohammad S. Hourani Chairman of the Board and Mr. Jalil Tarif the CEO of the ASE received a delegation from China Securities Regulatory Commission (CSRC) headed by Mr. Shang Fulin Chairman of the CSRC during the delegation visit to the ASE and to the Jordanian capital market institutions. Mr. Tarif briefed the delegation on the nature work of the ASE and the latest developments on the Jordan capital market. The delegation toured the ASE facilities; Investor's Gallery and visited some of the financial brokerage offices.
The British Ambassador Visits ASE
The CEO of the ASE Mr. Jalil Tarif received the British Ambassador in Jordan Mr. James Watts. During the meeting Mr. Tarif and Mr. Watt discussed means of strengthening cooperation between the ASE and the capital market institutions in the United Kingdom. Mr. Tarif briefed the ambassador on the latest developments on the Jordan capital market. Mr. Nader Azar, deputy CEO and Ms. Sarah Hildersley, Head of U.K. Trade and Investment attended the meeting.
The Capital Markets Forum
Mr. Jalil Tarif, CEO of the ASE presented during his participation in the first Arab capital markets meeting that was held in Muscat/ Oman last month a working paper entitled “Integration of Arab Financial markets”, in which he mentioned that Arab markets have started to face increasing pressures and severe competition from other financial markets as a result of trade liberation and globalization, which has forced these markets to integrate amongst themselves in order to stand up to these pressures. Mr. Tarif said that integration of these markets is not a luxury under the current circumstances and stages, but rather an urgent need that must be worked on seriously to ensure its achievement, and that despite the presence of obstacles, integration among Arab markets can be achieved through the commitment of Arab financial markets to the international standards and legislations prevalent in the field of securities, in addition to joining international organizations working in this field. Mr. Sami Hattab, Director of the Research and International Relations Department also presented a paper entitled “Joint Listing and International Deposit Receipts and their Role in the Integration of the Arab Financial Markets”, in which he addressed the issue of joint listing with all its types in terms of its advantages to companies, investors and securities markets. He also talked about the international deposit receipts which are considered one type of joint listing, indicating that companies seek to list their shares at large stock exchange that are well organized and well monitored.
Economic Media Seminar
Upon the invitation of the Securities and Commodities Commission in the UAE, the ASE, represented by Mr. Nader Azar, Deputy CEO, participated in the Economic Media Seminar that was held in Abu Dhabi on February 27, 2007. During this seminar, that was attended by a large number of reporters, concerned people and representatives of a number of Arab capital markets and commissions, Mr. Azar presented a working paper entitled “Awareness Programs in Financial Markets and Methods to Development”. In his presentation, Mr. Azar addressed the importance of educating investors and raising the level of their investment awareness, leading to better protection and safety.
Jordan's Capital Market Day
Under the patronage of the Jordan Security Commission JSC, the Amman Stock Exchange ASE, in cooperation with the London Stock Exchange LSE and in partnership with the Securities Depository Center SDC, organized a Jordan Capital Market Day seminar at the London Stock Exchange on the 1 st of February 2007, to maintain ways of communications with world financial markets and international investors. The meeting was attended by around 40 investment managers representing the largest funds managers in the United Kingdom that invest in the Middle East and North Africa. Jordanian companies representing major financial and industrial institutions also took part in the day.
The LSE honored Dr. Bassam Saket, JSC Chairman, by awarding him the privilege of opening the trading day at the Stock Exchange. This was attended by the ASE and SDC Board Chairmen and CEOs, as well as a number of capital market officials and all Jordanian companies' representatives who are attending the seminar.
Martin Graham, Markets Director at the LSE, welcomed the Jordanian delegation at the Stock Exchange and indicated the importance of such seminars that provides a major opportunity for Jordanian companies and British investors to meet and explore joint investment opportunities. Graham said that British investors are increasing their interest in investment in developing markets in the Middle East region. He also emphasized the strong relations between Britain and Jordan and indicated that such seminars will enhance relations between the ASE and the LSE.
Dr. Bassam Saket on his part presented the most important economic indicators and legal frameworks that govern the capital market in Jordan, as well as the tasks undertaken by the JSC in the areas of monitoring, legislations, law enforcement and investors' protection. He talked about the development witness by the Jordanian capital market in terms of disclosure and transparency, as well as the volume of foreign ownership in the market that is close to half the volume of the capital value in the market. Dr. Saket said that the meeting at the LSE represents a translation of one of the items of the capital market strategy, which is in line with the directives of HM King Abdullah II Bin Al-Hussein for strengthening the market, increasing foreign investment and creating an attractive investment environment in order to make Jordan an advanced financial center in the region. It also provides financial companies and national institutions the opportunity to present their achievements and the investment opportunities available to international investors, and allows investors to learn of the current legislations and regulations that govern the work of capital market institutions as well as future trends, particularly in the areas of disclosure, market development and regulation, and the measures that emphasize the rule of law on trading for the purpose of protecting investors.
The seminar acquired a great deal of attention from media outlets like the Arabic and English CNBC channels, the BBC and others. In an interview with the widespread economic CNBC station, Dr. Saket said that the reason for selecting London to host this seminar stems from its stature as an international investment center. He also talked about investment opportunities in Jordan, remarking that Jordan is a country that moves towards change and does not wait for change to come to, that Jordan enjoys an excellent investment climate and a free economy with enormous investment opportunities, as indicated by the major growth of direct investment in Jordan in recent years.
Mr. Jalil Tarif, ASE CEO, reviewed the march of the Jordanian economy, the privatization programs in Jordan, the investment opportunities in the Jordanian capital market, as well as the history of the Jordanian capital market and the latest legislative, technological and quantitative developments witness in the market. He stressed that the ASE was able to attract more foreign investments, exceeding 45% of the total market value, indicating that this was due to the investors' confidence in investing at the ASE, which enjoys complete freedom of capital movement, no taxes on capital gains, and cash dividends in an attractive investment structure and economic openness.
Mr. Samir Jaradat, SDC CEO, reviewed the role that SDC plays in the processes of settlement and clearing and ownership transfer. He also addressed the international standards that are applied by SDC and that contribute to enhancing confidence in the Jordanian capital market.
A number of Jordanian companies which took part in the seminar: Arab Bank, The Housing Bank For Trade and Finance, Jordan Investment Trust, United Arab Investors, Taameer Jordan, Middle East Complex For Eng., Electronics & Heavy Industries, Alia-Royal Jordanian Airlines, and Hikma Pharmaceuticals. Representatives of those companies, which represent 60% of the total market Capital, gave presentations about their companies, their past and current projects, future projects, and its impact on the profit of these companies.
Dr. Khaled Al-Wazani, Tameer General Manager, presented a report about the company's programs and existing projects, including the Ayla Aqaba project, Andalusia, the Dead Sea Resort, and Al-Rawdha village in Zarqa. He also talked about the company's future projects, including Al-Jiza project and the industrial area near the Amman International Airport. Dr. Al-Wazani indicated that Tameer's investments in real estate would reach US$ 2.3 billion dollars by the end of 2007.
Mr. Farouq Al-Kharouf, the financial manager of the Arab Bank, on his part gave a presentation about the Bank's services and products that cover 30 countries around the world. He said that the Arab Bank is the largest financial institution owned by the private sector at the level of Arab world. He also indicated that the profits of the Arab Bank group have reached US$ 625 million in 2006.
Mr. Mashour Al-Basha, the chief financial manager of the Middle East Complex for Engineering, Electronic and Heavy Industries, indicated that company's investments in other companies within its group, the products it provides locally and internationally, and the company's sales share of the Arab markets. He also said that, at the end of 2005, the company's profit increased by 86% over the average of the previous five years, reaching a total of JD 22 million. Mr. Al-Basha talked about the company's future projects in terms of increasing its share of the Arab markets, accessing new international markets, and producing modern and advanced products.
In his presentation, Mr. Ahmad Tantash, CEO of Jordan Investment Trust, presented the services provided by the company, including the custodian, financial consultations, and financial brokerage services, as well as funds. Mr. Tantash also spoke about the economic climate of the Kingdom and the positive developments witnessed in Jordan in the past two years, as well as the volume of Arab and foreign investments that came to Jordan.
In his presentation about the United Arab Investors Company, Mr. Ala' Abu Obeid, the Business Development Manager, said that the company functions in several sectors, including the real estate, the financial, insurance, industrial and construction sectors. He also talked about the company's future projects, including the “Darkum” project for housing loans in cooperation with a Canadian company with a capital of US$ 14 million, the project for establishing a securities guarantee company with a capital of US$ 60 million, and a transportation company with a capital of 70 million dollars, in addition to a consortium with international companies to bid for the privatization of the Queen Alia International Airport.
Mr. Samer Al-Majali, Vice Chairman of the Board and CEO of Royal Jordanian, gave a presentation RJ which he said that the financial situation of the company has improved over the past five years and that the company's profit rose to JD 20.5 million by the end of 2005 and that the company owns 21 airplanes. Mr. Al-Majali indicated that the company is currently in the process of privatization where part of the company's shares will be offered through the ASE.
Mr. Omar Malhas, Director of the Treasury Department at the Housing Bank for Trade and Finance, said that the Housing Bank ranks first bank in Jordan in terms of the number of branches throughout the Kingdom and has several branches in many Arab countries, and ranks second in terms of total assets. He added that the Bank's profit for 2006 has reached US134 million dollars and that the Bank's assets have reached US5.8 million dollars. Mr. Malhas also indicated that the Bank is looking towards listing its shares in a number of Arab stock exchanges along with the ASE.
On his part, Mr. Mazen Darwazeh, Vice Chairman of the Board of Al-Hikma Pharmaceutical Company, said that the company is the first company to list its shares at the London Stock Exchange. He said that the company has markets in 38 countries around the world, inclusive of the United States of America and many countries of the European Union. Mr. Darwazeh added that the price of the company's share has increased more than 25% since it's listing at the London Stock Exchange and that the daily average volume has reached US2.8 million dollars.
Following the presentations of capital market institutions and companies, one-to-one meetings were held between the Jordanian companies and British investors interested in investing in the Jordanian market. The meetings came in response to the investors' wishes to explore investment opportunities in these companies. A total of 23 one-to-one meetings were held with leading investors.
In an interview with CNBC Arabia, Mr. Tarif said that the day was a very important opportunity for the Jordanian companies to enhance their international presence and acquire the necessary funding for their projects, as well as access international markets and attract foreign investments, particularly because investors in London manage big investment funds and because of London's reputation for being the largest of European and international financial centers. Mr. Tarif also emphasized that the positive performance of the ASE since the beginning of 2007 is an indication of the investors' confidence in the feasibility of investing in companies listed at the ASE.
It is noteworthy to mention here that the most important foreign companies that participated in the seminar included: JPMorgan, Merrill Lynch International, Deutsche Bank, Citigroup, Genesis Investment Management, Aberdeen Asset Management, AXA Framlington, F & C Asset Management, Fortis PIM, Hoodless Brennan, IAF Group, Jefferies, Numis Securities, Panmure Gordon, Schroders, Seymour Pierce, Thomas Murray, and Walker, Crips, Weddle & Beck.
Jordan Capital Markets Day Event
The Amman Stock Exchange (ASE), in cooperation with London Stock Exchange and the Securities Depository Center, will hold a Jordan Capital Markets Day in London on February 1st 2007. The event has the support of the Jordan Securities Commission (JSC).
The Capital Markets Day will provide an overview of investment opportunities in Jordan, as well as details of the ongoing and upcoming privatization transactions. The event will also provide British and international investors with the opportunity to meet with eight leading Jordanian companies.
This day is a great opportunity for companies to raise funds and attract foreign investments. Meeting investors in London is crucial for companies that wish to raise their international profile because of London's status as one of the world's leading financial centers in the world.
Participating companies are: Arab Bank, The Housing Bank For Trade and Finance, Jordan Investment Trust, United Arab Investors, Taameer Jordan, Middle East Complex For Eng., Electronics & Heavy Industries, Royal Jordanian Airlines, and Hikma Pharmaceuticals.
Vote For Petra
Amman Stock Exchange (ASE) participated with other Jordanian companies in the campaign for Voting to Petra as one of the new seven wonders by its website 220.127.116.11 . Participating in the this campaign come from the ASE believes in the important of dedicating all the efforts to become Petra one of the world's new seven wonders which will enhance positively in the Jordanian economy. Visitors to ASE website exceed 120 million hit per month.
The Meeting of the NSC-Unix Users Group
Mr. Jalil Tarif, CEO of the ASE chaired the annual NSC-Unix Users meeting which was held in Muscat, Oman during the period December 6-7, 2006 . Mr. Mohammed Al-Khatib Director of the IT and Communications Department and Mr. Bassam Abu Abass, Director of the Listing and Operations Department attended in the meeting. Many important issues related to the latest development in Electronic Trading System (ETS) were discussed, and means of Coordination in the development and upgrading of ETS in capital markets according to international standards.
The Second Investment and Capital Market Conference
The ASE, represented by H.E. Mr. Mohammad Saleh Al-Horani, Chairman of the ASE Board, Mr. Amjad Al-Qudah, Director of the Awareness and Public Relations Department and by Mr. Nidal Hamdan, Director of the Administrative and Financial Department participated in second Investment and Capital Market conference that was held in Syria/ Damascus, during the period December 4-5, 2006. The ASE participation falls within its endeavors to have continuous and strong presence in relevant international arenas.
WFE Investor Education Workshop
The ASE, represented by Miss. Sondos Jamayed Chief of Division Researches and Studies from Research and International Relations Department and Miss. Lina Al-Qotob Chief of Awareness Division from Awareness and Public Relation Bureau participated in the “ WFE Investor Education Workshop ” which was held in Bucket, Thailand during the period December 6-8, 2006. The participants presented their countries experiments in the investors education field, and sat up their recommendations and codes of best practices regarding awareness and investor education issues, moreover the importance of adopting specific, and clear strategies in investor education field.