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JOFICO
was established in 1976, in
affiliation with M/S
COMPAGNIE FINANCIER DU GROUP
VICTORE of FRANCE, with
a Registered Capital of JD:
250,000/- and a paid-up Capital
of JD : 125,000/-, out of which
the French held 25% and two
seats on the Board of Directors.
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In 1978 the Registered Capital of
JD: 250,000/- was paid in full. |
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In 1981, the company increased
its paid-up capital again to J.D:
750,000/-
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In 1983, the company increased
its paid-up capital for the
third time to
JD: 1,000,000/- through
capitalizing some of its
voluntary reserves
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In 1987, M/S LINCOLIN NATIONAL
LIFE INSURANCE CO. of Fort
Wayne
, Indiana
( USA
) bought shares in the company and
became the first and then the only
U.S.
firm to hold equity in a Jordanian
public shareholding company and to
sit on its Board of Directors, which
started JOFICO’s life
insurance department.
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In 1989 JOFICO took
over the Jordanian operation of
M/S PROVINCIAL INSURANCE PLC,
a U.K based firm, which
increased JOFICO’s
capital from J.D : 1,000,000/- to
J.D : 2,200,000/- and allowed
Provincial Insurance Plc . to sit on
JOFICO’s Board of
Directors, and to become the first
and then the only British firm to
sit on a on a Jordanian Board. |
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