Abu Dhabi – Mubasher: Jordan Masaken for Land and Industrial Development Projects intends to acquire an industrial project in the UAE, revealed Chairman Hasan Ismaik.
He also said his company plans to foray into real estate sector in Saudi Arabia and the UAE.
Several GCC investors was interested in owning equity in Masaken, the chairman said, adding that his company plans a rights issue that will be open for all.
Ismaik also revealed a plan to raise his equity in Masaken, which currently stands at 37%, via new capital hikes.
The Amman-listed company said earlier it is set to launch an expansion plan locally as well as in the UAE, following recent decisions taken by its board of directors.
The plan includes launching real estate development projects in the two Arab countries as well as establishing investment projects that involve the acquisition of major stakes in financial and service institutions, Ismaik told Mubasher on Sunday.
Masaken, which is listed on the Amman Stock Exchange (ASE), previously announced plans to expand in the real estate and investment sectors in the UAE, Saudi Arabia, and Egypt.
Ismaik revealed that the expansion plan comprises two stages: The first will begin with Jordan, while the second will include the UAE, Saudi Arabia and Egypt.
Masaken’s board has decided to cooperate with major investment and financial firms in order to prepare feasibility studies for its projects and determine the capital increase that will be required, the top executive revealed.
