Jun 07 2006 |
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Jordan Invites Investors for Privatization of EDCO and IDECO
Beirut (APD) - Investors interested in acquiring two Jordanian electricity companies have until June 22 to file their expression of interest documents with the Electricity Sector Privatization Committee, a sub-committee of the Hashemite Kingdom's Executive Privatization Commission (EPC).The committee had announced on June 1 that the Jordanian government was proceeding to divest its stakes of 100% in the Electricity Distribution Company (EDCO) and of 55.4% in the Irbid District Electricity Company (IDECO) .
"This move is in compliance with the Jordanian government's decision endorsed in 1996 to adopt privatization with the main objective of sustainable economic development through enhancing the competitiveness of the Jordanian companies," EPC chairman Mohammad Abu Hammour told APD on Tuesday.
Hammour declined to say how much cash the Jordanian government expects to raise from the two privatization deals.
According to statements Hammour made last month, Jordan expects to reap at least $1 billion from privatization measures this year, including the sale of EDCO and other companies in the power sector.
Jordan's privatization drive began with the sale of a 33% stake in Jordan Cement Factories Company (JCFC) to Paris-based cement multinational Lafarge for $102 million in 1998.
To date, total proceeds from the privatization of 14 companies, excluding a two-year management contract for the container terminal at the Aqaba Special Economic Zone (ASEZ) with Danish shipping group, AP Moller, brought $1.67 billion into Jordanian coffers.
In 2000, the government in Amman achieved its thus far largest privatization receipt from selling a 40% stake in Jordan Telecom at $508 million. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
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