Jordan Phosphate Mines Co.’s (JPMC) shareholders have approved a board decision to sell all of the company’s shares in Nippon Jordan Fertilizer Co. (NJFC). The shares will be sold after conducting the required economic feasibility study and “for the best prices,” according to a company filing to the Amman Stock Exchange on April 28.
Some 93.13 percent of shareholders approved the board’s proposal to sell the company’s entire holding in NJFC at an Extraordinary General Assembly Meeting held on April 28.
JPMC holds a 70 percent stake in NJFC. Other shareholders are Arab Potash Co. and Japan’s Mitsubishi Corp., holding 20 and 10 percent stakes, respectively, according to NJFC’s website. Original participants also included Japan’s Zen-Noh, Mitsubishi Kasei, and Asahi.
Based in Aqaba, NJFC was established in 1992 (GM June 22, 1992) and began operations in 1999. It produces DAP/MAP and NPK and NPs, with a production capacity of 300,000 mt/y. DAP/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.