Jordinvest invests US$ 715,000 in Jordan Technology Group

Jordan Investment Trust, PLC (Jordinvest) announced that it has signed a Subscription Agreement, based on which it would invest JD 500,000 (US$ 715,000) in the capital of the Jordan Technology Group (JTG).

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By  Massoud Derhally Published  March 25, 2002

Jordan Investment Trust, PLC (Jordinvest) announced that it has signed a Subscription Agreement, based on which it would invest JD 500,000 (US$ 715,000) in the capital of the Jordan Technology Group (JTG). The investment will be made in two equal tranches.

The Agreement was signed in coordination with the European Investment Bank (EIB), which has committed to take an equivalent equity stake in JTG.

The two subscriptions follow a decision taken by the Social Security Corporation late last year to increase its shareholding in JTG, in an amount equivalent to the investment of each of Jordinvest and EIB.

Founded 14 years ago, JTG was the first Jordanian company to provide venture capital financing to nascent technology companies. Jordinvest sees its investment as an important step towards supporting JTG, and enabling it to better contribute to the development of Jordan’s information technology sector.

Dr. Henry Azzam, CEO, signed the Agreement on behalf of Jordinvest, while H.E. Dr. Marwan Kamal, JTG’s Chairman, signed on behalf of JTG.

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