France Telecom wishes to buy more Jordan Telecom shares

13 October 2003
France Telecom is ready and willing to buy an additional 4-5 per cent of Jordan Telecom, announced Jordan Telecom chief executive Laurent Mialet on 12 October. France Telecom already owns 40 per cent of the company, and aims to purchase the additional shares as soon as the government announces their sale. The decision to purchase an additional percentage of Jordan Telecom was announced by France Telecom chief executive Thierry Breton at a meeting between Mialet, Breton and King Abdullah in Amman.

Jordan offered 37.5 million shares - 15 per cent of the company - for sale at $3.3 a share in November 2003, but only managed to sell 26.25 million shares. The sale netted the Jordanian government $87 million. The initial public offering (IPO) was well received by the Jordanian public, with some 10,000 individuals signing up for the deal. They ended up with an allocation of 8.8 million shares.

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