The board of Jordan's Capital Bank approved a mandatory offer to acquire Societe Generale Bank Jordan (SGBJ), part of a drive to expand the bank's foothold regionally and domestically, its chairman said on Sunday, Reuters reported. Bassem Al Salem told Reuters an extraordinary general meeting had on Thursday also agreed to issue $100 million in perpetual bonds - meaning they have no maturity - to help drive growth.
Read more
Jordan
The Jordanian Cement Factories Company said on Sunday that it was filing for insolvency, citing adverse financial conditions, worsening as a result of the novel coronavirus, as the reasons for the move, the Jordan Times reported. Insolvency is a state of financial distress in which someone or a company is unable to pay its bills.
Jordan’s Prime Minister Hani Mulki resigned Monday after thousands protested in recent days against his government’s plan to increase taxes, causing uncertainty in a country that is a vital U.S. ally in the region, The Wall Street Journal reported. King Abdullah II has accepted the resignation of Mr. Mulki’s government, Jordan’s Royal Court said. The king thanked the prime minister in a statement for his service and dedication in making difficult and unpopular decisions. The resignation appears aimed at alleviating tensions after intensifying calls for Mr.
Read more