Amman, September 2012

Arab Potash Company (APC) held its Extraordinary General Assembly Meeting on Monday 3rd September, 2012, in order to conclude the issue regarding the provision of financial aid to the Company's 1,370 retirees who ended their service before 30th April, 2012.

During the meeting, the General Assembly approved granting a one-time JD 5,000 gratuity to each retiree (totaled at JD 6.85 million), as proposed by APC's Chairman, H.E. Jamal Al-Sarayrah. The Company affirmed this step as a gesture of its appreciation for its past employees' invaluable efforts and hard work during their years of service.

APC's gratitude was one of the main points that H.E. Al-Sarayrah underscored during the Extraordinary Meeting. "APC's retirees have played an instrumental role in building this Company from the ground up. Their diligence and dedication have not only helped lay a solid foundation for our business, but they have also been vital to our ability to bolster Jordan's economy, as APC contributes millions to the national treasury," he said. H.E. Al-Sarayrah also thanked APC's shareholders for supporting the Company's decision, among whom are the Jordanian Government, Social Security Corporation, PCS-Canada, Arab Mining Company, Islamic Development Bank in Jeddah and each of the Iraqi, Libyan and Kuwaiti governments.

As an extension of the range of benefits that APC is providing to its retirees, the General Assembly charged the Board of Directors to increase the number of scholarships it offers to retirees' children from 10 scholarships to 20. Moreover, the General Assembly asked the Company to examine the possibility of setting up a retiree medical insurance plan, and to present the findings of its study during the upcoming General Assembly Meeting in 2013.

Individuals eligible for the gratuity are those who retired prior to 30th April, 2012, and who did not pursue employment elsewhere after leaving APC. The gratuity will be extended to cover the following types of retirement: superannuation, disability retirement, death while in service and voluntary retirement. APC subsidiaries' and affiliate companies' retirees are not eligible to receive the gratuity.

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This press release has been distributed by Bidaya Corporate Communications on behalf of the Arab Potash Company.

For more information or assistance, please contact us at:
Tel: +962 6 5692008/9
Fax: +962 6 5692007
P.O. Box: 930391, Amman 11193, Jordan
Email: media@bidayacorp.com

© Press Release 2012