Jordan Salt Company Signs Strategic Partnership with Qatari Company
The Qatari Salt Company will soon become a major shareholder in the Jordan Safi Salt Company (JOSSCO) as a deal concluding their partnership is expected in a months time, Jordan Times reported Sunday.
The private Qatari company will acquire a 40 percent stake in JOSSCO, while channeling JD4 million ($5.6m) in capital to the company, the paper said, adding that early in March, both sides signed a memorandum of understanding setting the conditions of the deal. Negotiations continued until last Friday when the two sides celebrated the initial signing of their deal.
However, in a preparation step, the JOSSCO has halved its capital to JD6 million, with the second half used to write off accumulated losses of JD6 million.
With the entrance of the Qatari investors, who are getting three seats on the board, the company's capital will rise to JD10 million, said the paper -- Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)