Provision of the Consultancy Services for Share and Corporate Bond Listings Tender

Procurement Summary

Country : United Kingdom

Summary : Provision of the Consultancy Services for Share and Corporate Bond Listings

Deadline : 29 Aug 2018

Other Information

Notice Type : Tender

TOT Ref.No.: 25380070

Document Ref. No. :

Competition : ICB

Financier : European Bank for Reconstruction and Development (EBRD)

Purchaser Ownership : -

Tender Value : Refer Document

Purchaser's Detail

Purchaser : EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
Attn: Larissa Gosling One Exchange Square London EC2A 2JN Tel: + 44 20 7338 6338
United Kingdom
Email :goslingl@ebrd.com
URL :http://www.ebrd.com/

Tender Details

Expression of Interest are invited for Provision of the Consultancy Services for Share and Corporate Bond Listings.

Project Description:

Local Currency and Capital Markets Development (“LC2”) is one of the key strategic initiatives of the European Bank for Reconstruction and Development (“the EBRD” or “the Bank”). The strategic objectives agreed for the Initiative are to achieve more efficient and self-sustaining financial intermediation in the Bank-s Countries of Operation through broader use of local currency instruments and the development of local capital markets, thereby contributing to economic progress and fostering a more stable financial environment. Technical cooperation is one of the most important mechanisms used to achieve the desired transition impact.

Subsequent to the G-8 Finance Ministers' Meeting in Marseille in September 2011, the International Financial Institutions concerned jointly agreed on eight focus areas of activity under the Deauville Partnership to support countries in the Arab world engaged in transitions toward “free, democratic and tolerant societies”. The EBRD and the Arab Monetary Fund were tasked with leading the module on the development of capital markets in Egypt, Jordan, Morocco and Tunisia. It was agreed that they will provide technical assistance support in a coordinated manner according to each institution-s mandate and expertise to help these countries deepen local capital market development. For more information seehttp://www.g8.utoronto.ca/finance/fm110910-deauville-ifi-en.html .

Within this context the Jordan Securities Commission (“JSC”) approached the EBRD, requesting the Bank-s technical assistance to prepare a 5-year Strategy and Roadmap (the Roadmap) with a view to further reform Jordanian capital markets. The Roadmap was presented to and discussed with local stakeholders during a December 2016 event in Amman organised under the patronage of H.E. the Prime Minister of Jordan.

The JSC approved the Roadmap in January 2017 (available at www.lc2-reports.com/JordanCM-Roadmap.pdf) and sent a further request to the EBRD through the Ministry of Planning and International Cooperation for continued support in the phased implementation of the Roadmap. Demonstrating Jordan-s commitment to the project, H.E. the Prime Minister ordered the creation of a Capital Market Working Group (“CMWG”) in April 2017, a high level committee that will steer the implementation of the Roadmap across different stakeholders in the coming years. The CMWG brings together the following stakeholders: the JSC, Amman Stock Exchange, Securities Depository Centre, Companies Controller, Financial Services Companies Association, Central Bank of Jordan, Social Security Investment Fund, and the Income and Sales TaxDepartment of the Ministry of Finance.

The EBRD now intends to engage a consulting firm (“the Consultant”) to support the Amman Stock Exchange (“ASE”) in devising and implementing a pre-listing support programme (“the Programme”), designed to attract new companies and investment product sponsors to the ASE.

Assignment Description:

Companies often face a number of challenges when they consider financing through a public offering, with a subsequent listing of the shares or corporate bonds sold. The company must comply with the offering regulations of the securities regulator and the exchange-s listing rules. Areas of consideration include the generation of financial reporting documents, comprehensive business planning, and requirements for ongoing disclosure of information, audit fees, investor relations activities and corporate governance. Thus, before deciding whether to go public, companies must evaluate all the potential benefits and disadvantages that will arise, and should obtain professional advice to determine if it is in the company-s best interest.

In order to promote awareness among potential issuers, leading to an increase the number of share and corporate bond listings, the ASE, with assistance of the Project, intends to offer a pre-listing support Programme for selected companies in Jordan (in coordination with the JSC).

The overall objective of this assignment is the provision of pre-listing advisory services to a select number of companies which are willing to conduct a share or corporate bond offering, with subsequent listing on the ASE, providing the beneficiary with a diagnostic of legal, regulatory and structural impediments, with the end goal of actual listing and setting an example for other Jordanian companies to follow.

The specific objective of this assignment is to provide support services to a select number of shortlisted companies which would like to conduct either a share or a corporate bond offering and listing on the ASE.

In order to fulfil the objectives mentioned above, the Consultant will carry out the following activities:

Activity 1: Design and implement a selection process for companies interested in the Programme

Activity 2: Implement tailored pre-listing support services for shortlisted companies

The Terms of reference are available through this link http://www.ebrd.com/documents/procurement/74496-tors.docx . .

Consultant Selection Procedure: Single stage open competitive selection.

Interested firms or groups of firms are invited to submit a Technical and Financial Proposal.

Assignment Start Date and Duration: The Assignment is expected to start in Q3 2018 and has an estimated overall duration of up to 24 months.

Cost Estimate for the Assignment: EUR 250, 000.00 (exclusive of VAT). Subject to availability of funding, the performance of the selected Consultant and the specific needs of the Bank the Assignment may be extended beyond the current scope.

The Consultant must determine whether any VAT would be chargeable on the services and the basis for that determination, without taking into consideration the special status of the Bank as an International Financial Institution and state this to the Bank in their response to the Invitation for Expressions of Interest. To the extent that a Consultant incurs input VAT on goods and services purchased in connection with the provision of services (e.g. VAT on airline ticket) which is not otherwise recoverable by the consultant from the local tax authority, the gross cost to the consultant of such expenses shall be treated as a reimbursable expense.

Funding Source: It is expected that the Assignment will be funded by Japan-EBRD Technical Cooperation Fund. Please note selection and contracting will be subject to the availability of funding.

Eligibility: There are no eligibility restrictions based on the consultant's country of origin.

Consultant Profile: The Consultant will be a consulting firm or group of firms specialising in securities market operations with extensive international experience (preferably including both developed and developing markets). The Consultant should have expertise in all areas defined in the scope of services. Experience working in similar assignments in Jordan, would be an advantage. As a minimum, the Consultant-s expert team is expected to include the following key experts:

a) Key Expert 1 - Team Leader

- Preferably more than 10 years of international consultancy experience related to securities market operations with extensive international experience (preferably including both developed and developing markets).

- Preferably more than 5 years of project management experience including acting as team leader on similar assignments.

- Excellent proficiency in written and spoken English.

b) Key Expert 2 - International expert(s)

- Preferably 7 years of international consultancy experience in securities market operations

- Good understanding of how to (1) design and implement a selection process for companies who could be suitable candidates for listing; and (2) implement a tailored pre-listing support service for shortlisted companies

- Excellent proficiency in written and spoken English.

c) Key Expert 3 - Local expert(s)

- Preferably 7 years of consultancy experience in securities market operations.

- A good understanding of the market in Jordan for privately held companies.

- Experience in organising corporate events.

- Excellent proficiency in written and spoken English and Arabic.

Submission Requirements: consultants are now invited to submit a completed Technical and Financial Proposal as per thestandard templates and instructions available at this link http://www.ebrd.com/documents/procurement/single-stage-package.docx. Interested consultants should make themselves familiar with these Standard Templates, Standard Instructions and Conditions of Contract in preparation of their proposals.

1. The Technical Proposal shall be submitted in English electronically via eSelection not later than the Closing Date, as one single PDF file. The technical proposal should not exceed 30 pages excluding the Declaration Form and CVs (Form 1- TP 1 and Form 1 - TP 6).



2. The Financial Proposal (Form 2 - FP 1 and FP2) shall be submitted in English separately by email only to the Bank Contact Person. Consultants are reminded of the requirement to ensure the confidentiality of the Financial Proposals. A Technical Proposal that contains elements of a financial proposal shall be declared non-responsive.

Bank Contact Person:

Larissa Gosling

European Bank for Reconstruction and Development

One Exchange Square

London EC2A 2JN

Tel: + 44 20 7338 6338

e-mail: goslingl@ebrd.com (submissions should be sent through eSelection and NOT to this email address)

Deadline to Submit Clarification Questions: Via email to the Bank Contact Person by 14 August 2018.

Selection Method and Evaluation Criteria:

1. Technical Proposal Evaluation Criteria

a) Firm-s previous consultancy project experience in advising regulatory authorities on capital market development and drafting legisla

Documents

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