Following months of uncertainty about the future of the Jordanian government's stake in the Jordan Press Foundation (JPF), the government has finally sold all its direct shares in this profitable institution, while the Social Security Corporation (SSC) has retained a majority share of 55.3 percent, said Jordan Times.
In a statement to the JPF on April 29, the Jordan Investment Corporation (JIC), the government's main investment arm, announced that it had sold all of its shares -- an estimated at 15 percent of the foundation's equity -- in line with King Abdullah II's directives to privatize the government-owned press and media institutions.
The government, according to the paper, is making good on promises to relinquish its direct stake in the institution, and in the last quarter of 2000 started selling its shares on the Amman Stock Exchange.
The date of sale and the availability of shares, which were sold in bundles, have been disclosed quietly.
According to JPF deputy director General Nader Hourani, a large portion of the JIC shares, estimated at around 450,000, were sold to the Social Security Corporation, bringing its share of equity from 45.63 percent to 55.3 percent.
Several observers complained about how the sale of shares to the SSC was conducted, saying it would perpetuate “indirect government control” over the largest press institution in Jordan and lead to monopoly ownership by one semi-government investor, the paper added.
In terms of other media outlets, the government still owns 30 percent of Ad Dustour and 22 percent of Al Arab Al Yawm through the SSC, said the paper – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
