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French Version

HBTF increases capital to JD252 million

The general assembly of The Housing Bank for Trade & Finance (HBTF) approved in its extraordinary meeting, which was held in Le Meridien Hotel to increase the bank’s capital from JD100 million / share to JD252 million / share.

The approval came on recommendation from the board of directors and the approval of Jordan Central Bank. The increase will be made through offering 100 million shares for private placement to shareholders at JD1 nominal value plus JD3 issuance premium per share.

Another 50 million shares will also be allocated to shareholders as stock dividend and 2 million shares as treasury stocks to be later allocated to Jordanian Army Funds. The general assembly also approved the amendment of the bank’s memorandum and articles of association to reflect the capital increase. Dr Michel Marto, chairman of HBTF, said, “The capital increase is made to meet the expansion in volume and improvement in quality of the bank’s operations and diversification of its products and services, in order to meet the needs of various segments of customers and sectors of national economy.”

“This capital increase will also meet the needs of expansion of the bank’s subsidiaries in Algeria and Syria as well as its external branches in Palestine and Bahrain, and representative offices in Libya, U.A.E and Iraq, in addition to acquisition of a stake of BLC bank in Lebanon. The external expansion of the bank into these areas proved feasible and need capital injection to increase activities and branching. Marto added, “The allocation of 2 million shares for Jordan Army Funds comes as acknowledgement for the army role in maintaining stability, security and protecting this country.”

Amman,13March2006
Redaction
The Star


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