Deal sealed on APC sale

20 October 2003
An agreement was signed on 16 October for state-owned Jordan Investment Company (JIC)to sell 26 per cent of its stake in Arab Potash Company (APC)to Canada's Potash Corporation of Saskatchewan (PCS). The deal is understood to be worth $172 million. PCS was granted exclusive negotiating rights for the APC stake in July (MEED 18:7:03).

The sale forms part of Amman's privatisation programme, although JIC will retain a 26 per cent stake. HSBC isacting as adviser on the sale. Arab Mining Companyowns 21 per cent of APC, while Iraqi, Kuwaiti and Libyan investors own the bulk of the remaining 27 per cent of the company.

APC was formed in 1956 and has a concession to exploit, manufacture and market potash from the Dead Sea for 100 years. The company is the sixth largest potash producer in the world.

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