Banks involved in the rescheduling included: HSBC, Citibank, Standard Chartered, Jeddah Islamic Bank, Opic Bank, Capital Bank, Housing Bank for Trade and Finance, Jordan Commercial Bank, Union Bank, Bank Audi, Arab Bank, BLOM Bank, Egyptian Arab Land Bank, Arab Banking Corporation and Jordan Ahli Bank.
The announcement of the rescheduling was made on the 27th of March, 2011 at the Ministry of Industry and Trade, in the presence of:
- His Excellency Dr. Hani Al-Mulqi, Minister of Industry and Trade
- His Excellency Sherif. Faris Abdel Hamid Sharaf, Governor of the Central Bank of Jordan
- His Excellency Dr. Hatem Al-Halawani, Chairman of the Amman Chamber of Industry
- Mr. Osama Al-Khalili, Chairman of MEC Middle East Complex for Engineering, Electronics and Heavy Industries
Also attending were members of the participating banks, a number of media representatives and businessmen.
This debt re-scheduling comes as part of the financial restructuring of MEC that included the Company’s capital increase from 100 million to 150 million shares in late 2010, as a result of a capital injection by United Arab Investors Company (UAIC) and the National Industries Holding Company (NIG) from Kuwait. The total assets of the Company are currently at $500m.
This step, inspired by His Majesty King Abdullah II’s commitment in supporting the private sector, comes in response to the need to adopt innovative measures and economic decisions to strengthen the national economy by creating job opportunities and increasing exports. The Company will contribute through its own operations and the operations of its subsidiary, the National Integrated Industries Complex (NIIC), to the national economy over 2000 jobs and increasing Jordanian exports by more than $100m.
MEC praised the efforts of the Jordanian Government, the Central Bank of Jordan, and the cooperation of lending banks to reach this important milestone.
This achievement will contribute to the support of one of the largest industrial companies in Jordan and the Middle East and help it promote its operations which were deeply affected by the global financial crisis as it compromised some of the Company’s non-core investments and detracted from its ability to secure necessary funding. This achievement will enable MEC to pick up its operations again and move forward to re-assume its previous position as one of the leading manufacturers both locally and regionally.
MEC is also restructuring its management and internal processes, as well as enforcing a corporate governance model that will enable the Company to operate with full transparency, credibility and professionalism.
MEC has achieved many successes since its establishment in 1994 as a TV assembly factory. After becoming a public company listed in the Amman Stock Exchange, the Company began exporting to the Middle East and North Africa, and launched various export companies in different countries, as well as scored strategic investments, most important of which is the National Integrated Industries Complex (NIIC), the first of its kind in the Middle East.
MEC is considered the largest manufacturer, distributor and exporter of electronic appliances and home appliances with a market share that reached 70% in the Jordanian market, in addition to manufacturing, assembling and marketing a vast collection of electronic products worldwide based on several agreements with leading manufacturers of household appliances.
MEC offers a variety of electronic devices such as TVs, audiovisual electronic devices, home appliances such as washing machines, dishwashers, vacuum cleaners, microwaves, and blenders, in addition to electromechanical systems such as air conditioners, solar and water heaters, and home heaters.
Monday, March 28- 2011 @ 10:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.