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Brunei off-loads 37% Jordan Phosphate shareholding for US$130M

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Brunei off-loads 37% Jordan Phosphate shareholding for US$130M

Jordan Phosphate Mines Co. Plc's largest shareholder, the state of Brunei, has sold its 37% interest in the fertilizer company to Indian Potash Ltd. and Indian Farmers Fertiliser Cooperative Ltd. unit Kisan International Trading FZE, Reuters reported May 27.

Brunei Investment Agency-owned Kamil Holdings Ltd. sold the stake in an about US$130 million deal, which comprised the sale of 30.5 million shares at 2.98 Jordanian dinars per share.

The Southeast Asian country bought the holding in 2006, but decided to off-load it following a corruption scandal involving the former CEO Walid Kurdi, which earned him a 22-year prison sentence in absentia.

Canada's Potash Corp. and Japan's Mitsubishi were also eyeing the 37% share, Reuters reported, citing an industry source familiar with the deal.

Jordan Phosphate produced about 7 million tonnes of rock phosphates per annum, and holds mining rights over two-thirds of Jordan's proven phosphate reserves totaling 1.5 billion tonnes.

As of May 25, US$1 was equivalent to 0.71 Jordanian dinars.