Jordan Phosphate Mines Co. (JPMC) has signed an agreement to purchase Mitsubishi Corp.’s, Tokyo, entire shareholding in Aqaba-based Nippon Jordan Fertilizers Co. (NJIF), raising JPMC’s stake in the company to 80 percent.
The stake comprises 1,672,800 shares, or about 10 percent of NJIF’s capital, JPMC said in a filing to the Amman Stock Exchange on Sept. 14. The Jordanian company did not disclose the price tag on the deal.
In April, JPMC had said it was planning to sell its entire 70 percent stake in NJIF, and had secured board approval for the sale (GM April 30, p. 33). The company said it was conducting an economic feasibility study, and would target the best prices for the sale of the shares.
It is unclear if this week’s share purchase indicates a reversal of JPMC’s decision to sell its shareholding, or forms part of the original sale plan. JPMC had not responded to inquiries for comment by press time.
Based in Aqaba, NJFC was established in 1992 (GM June 22, 1992) and began operations in 1999. It produces compound fertilizers and DAP, with a production capacity of 300,000 mt/y. DAP and NPK production last year was 224,678 mt, up from 197,404 mt in 2019, while sales were 207,667 mt, up from 2019’s 176,577 mt, according to information on JPMC’s website.