Global Investment House (Global) in Jordan announced the commencement of the private placement of Air Transport and Tourism Investment Company (ATTIC), the first low-cost carrier in Jordan.

Following the agreement signed with RUM Group for Transportation and Tourism Investment Co, Global was mandated to perform a financial advisory and valuation for Petra Airlines (owned by RUM Group and other investors). Based on the valuation report, ATTIC was established with an authorized paid up capital of JD 10 million.

The deal was announced during a meeting held at Petra Airlines’ new offices, which was attended by Mr. Riad Khashman, Chairman of RUM Group and Mr. Osama Assaf, Investment Banking Manager at Global in Jordan.

Mr. Assaf stated that the private placement would take place throughout February 2010 during which 5 million shares will be offered for a nominal fee of JD 1 per share to reach ATTIC’s authorized paid-up capital of JD 10 million.

He also expressed his confidence that this private placement will be well received by the investors as good investment opportunities in the transport and tourism sector are quite rare despite the sector’s projected growth in Jordan and the region.

Mr. Riad Khashman, Chairman of RUM Group said, “ATTIC will play an integral part in developing Rum Group’s investment while contributing to the increase in the number of tourists visiting Jordan.”

Mr. Khashman added, “ATTIC will benefit from Jordan’s open skies policy and other developments in the tourism sector in Jordan, such as the expansion of the Queen Alia International Airport and the economic development of Aqaba. These factors will contribute in the company’s success, which in turn provides an excellent investment opportunity despite the prevailing worldwide economic conditions.” 

RUM Group for Transportation and Tourism Investment Co was established as a public shareholding company in May 2006 with a paid-up capital of JD 8 million. It owns Rum Tours and Rum Hotels in addition to Zuwar Investments (Petra Airlines), a private aviation company that will create a new charter airline service specialized in covering short-haul destinations, and become the first low-cost carrier in Jordan.

Rum Group’s activities focus on a wide range of touristic services that includes, but are not limited to hotel accommodations, tourist agencies, transportation services, as well as promoting and selling different touristic programs abroad.

Global is a full-fledged investment company, and is one of Jordan’s most active investment companies. It provides services in Asset Management, Investment Banking, Wealth Management, Research and Brokerage. The Investment Banking division provides a wide array of services that include private placements, privatizations, advisory services, IPOs and other investment services.