The deal is worth $104m. Edco was 100 per cent owned by the government while Ideco was 55.4 per cent state-owned.
Kingdom Electricity is owned by JD Energy & Infrastructure and United Arab Investors, both local, and Kuwait’s Privatisation Holding Company. It won the right to buy the stakes in the two state-owned electricity distribution companies in 2007.
Three companies are responsible for electricity distribution in the kingdom. Edco operates in the east and south of the country and the Jordan Valley. Ideco operates in the northern part of the kingdom.The Jordanian Electric Power Company, which is publicly listed, is responsible for the middle region, including Amman and Zarqa.
In May 2007, Amman sold a 51 per cent stake in Central Electricity Generating Company (Cegco) to Energy Arabia (Enara).
Enara is a joint venture of Amman-based JD Capital, through its subsidiary JD Energy, Malaysia’s Malakoff Berhad and Athens-based Consolidated Contractors International Company (MEED 25:05:07).