Jordan Telecom sale expected by year end

8 Nov 2005

Jordan’s government says it expects to complete the sale of its remaining stake in incumbent fixed line operator Jordan Telecom by the end of this year. The state will not be drawn on a potential buyer for its 41.5% holding, but says that France Télécom has shown an interest in upping its stake in the telco. Jordan Telecom is 41.5% owned by the state and 40% by JITCO, with the remainder floated in Amman. JITCO is itself 88%-owned by France Télécom and 12% by the Arab Bank. The state has long held plans to fully privatise the company and in June this year it appointed Goldman Sachs as financial adviser for the sale of its remaining stake. Goldman Sachs beat Citigroup, Morgan Stanley and Deutsche Bank to the contract.

Jordan, Orange Group, Orange Jordan