The Jordanian government has launched the initial public offering (IPO) for Jordan Telecom (JTC), tendering 15 percent of the company’s issued shared capital, equivalent to 37.5 million shares.
J.P. Morgan Chase & Co. has won the mandate to act as the operator’s leading financial advisor and underwriter for the IPO. Designed to allow local and foreign institutions as well as the common citizen to benefit from the IPO, individuals and companies can subscribe for the public offering from October 9-23.
Jordanian residents will be allocated a three percent discount from the share price for up to 1,000 shares. The minimum share price purchase has been set at 100 with no maximum limit specified. The government is expected to announce the share price range by October 7.
The privatization process of JTC began in 1997 when the government incorporated the company as a wholly owned public limited firm. In January 2000, Jordan sold a 40 percent stake in JTC to France Telecom and minority partner Arab Bank. The government sold another eight percent stake in the company to the Social Security Corporation that same year, decreasing its ownership to 52 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
