Middle East and North Africa Edition |
||
 |
 |
|
Version 3.0 |
||
|
ASE 5th GA
The ASE held its fifth General Assembly ordinary meeting on the 31st of March, 2004. The meeting was chaired by the Chairman of the Board, H.E. Mohammed Saleh Horani, and was attended by the Executive Manager, Mr. Jalil Tarif, as well as representatives from twenty one of the ASE members, or 70% of the total members. The minutes of the last meeting were read out and the Board report on the ASE achievements and future plans and activities was discussed. The participants also took stock of the auditor’s report on ASE balance sheet, income statement and financial position and discussed its annual budget, as well as the 2003 loss and profit and cash flow statements, and the 2004 estimated budget. ASE statements showed a 24.4% revenue increase against the year 2002, and a net surplus growth of 36.5% in 2003 as compared to the previous year. The ASE has made a surplus of JD4.8 million as a total. The ASE Internal By-law As of beginning of April 2004, the new ASE Internal By-law entered into effect. The JSC Board of Commissioners recently approved it in accordance with the Securities Law No. 76 of the year 2002, which stated that the ASE had to amend its situation according to its provisions. The By-law includes new provisions that lay out membership terms and conditions, information and data to be provided by companies upon filing of the membership application form, and the duties of the members vis-à-vis the ASE, foremost amongst which are the following: to submit to the ASE annual and semi-annual reports inclusive of the member’s financial data, and to inform the ASE of any material changes that affect the member’s financial situation upon their occurrence. Some other important changes include granting the ASE the authority to conduct an inspection of brokers and connected persons, to investigate with them and to impose sanctions on those who breach the applicable legislation. Penalties vary from warning and admonition, imposition of fines to imposition of restrictions on broker activity, and suspension of activities or termination of membership. This by-law will further activate the role of the ASE through the provision of a suitable environment that would guarantee the market interplay of supply and demand on traded securities, and would provide dealers with fair and equitable work mechanisms. ASE Administrative Regulations The new Administrative Regulations of the ASE have been adopted and entered into force as of the beginning of April. They introduced a set of amendments to the organizational structure and departments of the ASE, whereby a new Surveillance and Inspection Department was created in line with the Securities Law No. 76 of the year 2002, which underlined the surveillance and investor protection procedures. The trading department and the members and companies department were merged into a single Listing and Operations Department, the names of the research and external relations department and the computer department were changed to the Research and International Relations Department and the IT Department respectively. ASE performance in the first quarter of 2004 The accumulative volume of trading on the ASE during the first quarter reached JD 1023 million, against JD155.3 million for the same period of 2002. The number of traded shares went up to 316.8, the number of executed contracts to 261 thousand, registering an increase of 241.4% and 164.9% respectively compared to the same period of last year. Market capitalization of listed companies rose to JD8.1 billion, namely a 4.4% increase against the beginning of the year, constituting 115.6% of the GDP by end of March. As for the shares prices; the general index weighted by market capitalization closing at 2728 points by end of March, a 4.3% increase as compared to the year’s beginning.
|
|||||||
SEARCH |
| Copyright© 2004 Business Life. All rights reserved. Reproduction in whole or in part without permission is prohibited. |