State offers 2.5% of Jordan Telecom to local investors

25 Jul 2006

The Jordanian government has begun the sale of a further six million shares of Jordan Telecom, equal to 2.5% of the company’s equity, to local buyers on the Amman bourse via branches of Arab Jordan Investment Bank. The sale will close on Monday. Goldman Sachs International is acting as financial adviser to the government for the divestment of its shares in the fixed line incumbent. Last month, the state approved the sale of a 41.5% government stake in Jordan Telecom to Arab investors and France Télécom for JOD515 million (USD727 million). FT is paying JOD5.5 per share, while Arab investors will pay JOD5; the public shares are set at a fixed price of JOD4.66. The government has said it will use funds from the sale to reduce external debt.

Jordan, Orange Jordan