APC acquires Jordan Safi Salt Company
The Jordan Safi Salt Company (JOSSCO) was pulled out of liquidation this week when it was purchased by the Arab Potash Company (APC). The salt producer has been heading for bankruptcy with accumulated debts totaling 16.5 million Jordanian dinars ($23.5 million) at the end of 2001.
Although a number of the company’s financial statements were questioned by the auditor, APC purchased JOSSCO for eight million Jordanian dinars, reported Jordan Times. Earnings from the sale will go to settling the company's debts. Despite being under liquidation for the past six months, the company was able to follow through on previously signed deals valued at $2.5 million.
Established in 1996, JOSSCO is a public shareholding company operating a salt plant located at the southern end of the Dead Sea and storage facilities in the Port of Aqaba. The plant has a capacity of 1.2 million tons per annum of industrial salt which is destined for export, either directly or through strategic alliances with international marketing networks.
JOSSCO’s produces high-grade table salt and industrial salt. It is 52.7 percent owned by the Jordan Dead Sea Industries Company with remaining shares divided between APC, the Arab Mining Company, Jordan Investment Corporation, the Industrial Development Bank, the housing Bank, the Jordan Gulf Bank and the Jordan Investment & Finance Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)