Abu Dhabi – Mubasher: Jordan Masaken for Land and Industrial Development Projects has no plans to make any acquisitions, whether for UAE’s Manazel Real Estate or any other company, said Chairman Hasan Ismaik in a special interview with Mubasher Radio on Monday.

The Jordanian company has no plans to acquire any company listed in Dubai or Abu Dhabi, the top executive highlighted.

Ismaik called on investors to keep their distance from such rumours until the company makes an official announcement through the Amman Stock Exchange (ASE).

“There are indeed ongoing talks regarding some opportunities the company is considering in the UAE and Saudi Arabia; however, no decision regarding an acquisition has been reached,” Ismaik stated.

Masaken has already begun studying the projects, their costs, he noted, adding that regarding the capital hike, the company has will request an approval from the Jordan Securities Commission (JSC) to offer subscription before three tranches of investors.

Ismaik previously told Mubasher that the Jordan-based Masaken was planning to expand in real estate investment in Jordan, Saudi Arabia, Egypt and the UAE. He also noted that the company was planning to raise its capital to JOD 300 million (AED 1.56 billion).

Over a three-session period, Manazel Real Estate’s stock soared 36.6% on the Abu Dhabi Securities Exchange (ADX), on the back of rumours that the company will be acquired; however, Manazel denied such rumours. On Monday, the stock dropped 6.94%.

On 23 August, Ismaik purchased 5 million shares in Masaken Capital, representing 40.85% of the company’s capital.

Translated by: Nada Adel Sobhi