INDIAN COMPANIES BUY KEY STAKE IN JORDAN’S PHOSPHATE FIRM

AMMAN, Indian Potash Limited and Kisan International Trading FZE of India bought a major stake in the Jordan Phosphate Mines Company (JPMC).

The Indian companies bought 37 percent shares in the JPMC which was owned by Brunei Kamil Holdings Limited company, Abdel Majid Dhneibat, chairman of the JPMC, said in a press conference on Monday.

The Indian companies bought the shares at 2.98 dinars (4.2 U.S. dollars) per share, said Dhneibat, adding that the total volume of the deal is around 90 million dinars.

“This is a very important deal for Jordan and the country is attractive to investors … we expect the company’s exports to increase after the deal,” said Dhneibat.

“The Indian market is a major market for our company and this strategic agreement will help boost exports to India as well,” he said.

In 2016, Brunei Investment Agency (BIA) bought a 37-per cent stake in JPMC. The BIA paid around 112 million dollars for the purchase of the stake.

The JPMC produced up to 8.6 million tonnes of rock phosphate in 2017, which is 8.7 percent higher than 2016. It also produced 378,000 tonnes of diammonium phosphate in 2017.

Source: NAM News Network