Abraaj takes stake in Jordan

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abraaj Capital has acquired 10% of the equity of Jordan National Bank (JNB).

The deal has been concluded through Abraaj Capital’s Abraaj Special Opportunities Fund (ASOF) II.

The Jordanian Exchange Commission has approved the capital increase of 8 million shares giving Abraaj a total holding of 11.8 million shares, equivalent to 10.7% shareholding.

JNB is listed on the Amman Stock Exchange (ASE).

Shirish Saraf, managing director, Abraaj Capital, said: “We believe that this deal further enhances Abraaj Capital’s exposure in the buoyant regional financial services sector.

The JNB stake falls in line with ASOF II’s strategic focus on strong minority block positions in well established listed companies with attractive growth potential .”

Established in 1955, Jordan National Bank (JONB) is one of Jordan’s leading financial institutions offering retail and corporate banking services such as deposits, lending, trade finance, foreign exchange, credit cards and investments.

JNB has a local and regional presence with 48 branches in Jordan, nine in Lebanon, five in Palestine, an international banking unit in Limassol, Cyprus and a brokerage arm in Abu Dhabi.

“We feel that JNB stock is under valued and has the potential to out perform ASE indices.

Abraaj Capital has great confidence in JNB’s management which is improving operational efficiencies and also implementing growth strategies,” said Saraf.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia builds start-up culture with state oil money

Saudi Arabia builds start-up culture with state oil money

Gov't has previously has found it hard to promote start-ups in...

Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

The curious case of David Haigh

The curious case of David Haigh

The story of how the former Leeds United boss went from football...

3
Most Discussed