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MECE, NIIC merger advised by Global Invest House's Jordan unit.

Byline: (Staff Writer)

Global will play the role of advisor for the merger transaction between MECE and the National Integrated Industries Complex(NIIC). The combined grouping will have assets worth around JOD 600 million ($846.9 million). <p>MECE is a leading producer, trader, distributor and exporter of consumer electronics and electric home appliances in the region and collaborates with some of the biggest names in the global electronics industry, namely LG Electronics. In addition, it manufactures, assembles and markets a wide range of electronic products under its own brands. <p>Its current capital is JOD 100 million ($141 million), 20 per cent of which is owned by the Kuwaiti National Industries Group, 18 per cent owned by MECE's Chairman Osama Al-Khalili and 8.7 per cent is owned by United Arab Investors. Total assets stand at JOD 420 million and shareholders' equity around JOD 180 million. <p>NIIC's total initial investment reached around USD165 million, with an authorized current capital of JOD 10 million, 70 per cent of which is owned by MECE and 30 per cent owned the UAE Group, National Holding Company.

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Publication:CPI Financial
Date:Jun 28, 2009
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