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| Identifier: | 03AMMAN3826 |
|---|---|
| Wikileaks: | View 03AMMAN3826 at Wikileaks.org |
| Origin: | Embassy Amman |
| Created: | 2003-06-26 10:30:00 |
| Classification: | UNCLASSIFIED//FOR OFFICIAL USE ONLY |
| Tags: | EIND EINV ETRD JO |
| Redacted: | This cable was not redacted by Wikileaks. |
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS AMMAN 003826 SIPDIS SENSITIVE USDOC FOR 4520/ITA/MAC/ONE/PTHANOS E.O. 12958: N/A TAGS: EIND, EINV, ETRD, JO SUBJECT: JORDAN'S PRIVATIZATION PROGRAM MOVES FORWARD SENSITIVE BUT UNCLASSIFIED; NOT FOR INTERNET DISTRIBUTION 1. (SBU) The Jordanian Executive Privatization Commission (EPC) announced June 24 four bidders as finalists for the purchase of a 26% stake in the Arab Potash Company (APC), the world's fifth largest potash producer. The Potash Corporation of Saskatchewan, the German firm Kali und Salz, China's Sinochem, and Mitsubishi of Japan, were selected by APC, the GOJ, and the Hong Kong and Shanghai Banking (HSBC), the financial consultant for the sale, to submit final bids by July 7. The GOJ currently owns 52.6% of the company, long considered Jordan's "crown jewel" in the roster of pending privatizations. The remainder is owned by a consortium of Arab governments, including the governments of Iraq, Saudi Arabia, Libya, and Kuwait. 2. (SBU) Salem Ghawi, Consultant for the EPC, told us the government would do everything to ensure that the sale was carried out in "a most transparent manner." Ghawi said a very limited steering committee, made up of EPC Chairman Adel al-Kodeh and an HSBC executive would open the bids and choose the winning bid based on the proposed price of shares. He said the firm chosen would have thirty days to negotiate the final terms of the deal with the committee; should the negotiations fail, the second highest bidder would be invited to step in. Ghawi added that the APC will send a letter to the Amman Stock Exchange asking it to suspend trading on APC shares from July 6 to the day a winner is announced. In order to avoid any suggestion of conflict of interest, only the committee will have access to the final offers. The putative sale would conclude an eighteen month-long effort on the part of the EPC to find a strategic partner for APC, and would mark a significant milestone in the GOJ's privatization program. GNEHM
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