Kuwaiti investor expects upturn at Jordan's MECE [Jordan Times, Amman]
(Jordan Times, The Via Acquire Media NewsEdge) March 17--AMMAN -- A leading Kuwaiti investor has renewed its support for Jordan-based Middle East Complex for Engineering, Electrical & Heavy Industries (MECE).
Twenty-three creditor banks also announced that a previously approved debt rescheduling process will be wrapped up in two weeks.
National Industries Group Holding Chairman Saad Al Saad said during a tour of the complex facilities south of Amman on Thursday that his group, which owns 20 per cent of MECE's 150-million-share stake, is optimistic about the future of the complex.
The project will "resume its march towards achieving its goals of growth, expansion and the creation of thousands of jobs" for Jordanians, according to a MECE statement.
MECE is a producer, distributor, trader and exporter of home appliances. Its products, which are manufactured from A-Z in Jordan, include washing machines, refrigerators, air conditions, televisions, LCDs, microwaves, gas heaters, vacuum cleaners, and stereo sets. Along with its subsidiaries, MECE collaborates with leading international electronics manufacturers.
Also participating in the tour was former justice minister Salah Eddine Bashir, the lawyer representing creditors, who said the debt rescheduling process will be finalised within the coming two weeks to help MECE restore its production levels.
The complex, including the Kuwaiti investor, and 23 local banks signed in November a JD129 million debt rescheduling deal in a ceremony hosted by the Ministry of Industry and Trade.
Saad was in Amman to take part in the opening of the new terminal at Queen Alia International Airport, as one of his group's subsidiaries owns 24 per cent of the International Airport Group, the Jordanian consortium responsible for the rehabilitation, expansion and operation of the airport.
During the MECE tour, board member Ayman Khalili made a presentation on the complex's capabilities and future plans.
(c)2013 the Jordan Times (Amman, Jordan)
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