Government reviews JT sell off options

13 Mar 2006

The Jordanian government has hired investment bank Goldman Sachs to advise on the disposal of its 41.5% stake in Jordan Telecom. Options under discussion include a sale to private investors in Jordan or elsewhere in the Gulf, as well as a flotation on an international bourse. The government is thought to favour the sale of 11% to the Joint Telecoms Investment Company, which is backed by France Telecom. The move would give the French company control of Jordan Telecom, but in return it would be expected to pay a premium on the shares. The state would also like to sell 3% to employees of the Kingdom’s security forces at a discounted price. Goldman Sachs has been charged with drumming up interest in the remaining 27.5% via a roadshow which will cover seven cities in the Gulf, as well as London, New York and Washington.

Jordan, Orange Group, Orange Jordan