The Arab Potash Company (APC) is likely to be selected as asset purchaser for the Jordan Safi Salt Company (JOSSCO) tender. Currently under liquidation, JOSSCO accumulated debts totaling 16.5 million Jordanian dinars ($23.5 million) by the end of last year. APC currently holds a 10 percent share in the company.
APC’s offer for the tender came in at eight million Jordanian dinars while competitor, MidGlobe Investment Group submitted a bid for JD 3.5 million. JOSSCO’s general assembly is expected to announce the winner at the beginning of next month, reported Jordan Times.
Proceeds from the tender will be used to settle 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)
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