Specialist US mining consultant Behre Dolbear
is acting as technical adviser, Allen & Overy
is acting as international legal adviser, Sharif al-Zo’obi
will perform the role of local legal adviser and Deloitte & Touche
is accounting and auditing adviser, with HSBC as financial adviser. Sources close to the transaction say that technically the mandate should take less than 18 months to complete, but that political obstacles may emerge during the restructuring and preparation for the sale. The company, which is owned 60 per cent by the government and 40 per cent by the private sector, is the largest state employer outside the armed forces.
JPMC is the world’s sixth biggest phosphates producer and holds a monopoly over exploration, mining and marketing of the mineral in the kingdom (MEED 25:6:04).
HSBC also advised on the divestment of state-owned Jordan Investment Company’s 26 per cent stake in Arab Potash Company
to Potash Corporation
in late 2003 (MEED 17:10:03).