JORDAN POTASH CORP. OF SASKATCHEWAN (PCS) of Saskatoon has bought up 26% of ARAB POTASH CO. from an arm of the Jordanian government. The deal is worth US$173 million. Arab Potash is now held 26.9% by Jordanian Investment Corp., 26% by PCS, 21% by Arab Mining, and the remainder by other Arab governments, banks and individuals.
Arab Potash produces potash from the Dead Sea at a rate of 2 million tonnes annually, making it the eighth largest in the world. PCS now has a toe-hold in a strategic location from which shipments are made to India, China and Europe. PCS remains the world's largest potash supplier, and it ranks fourth in phosphate and third in nitrogen. The company's website is at www.potashcorp.com, or visit www.arabpotash.com.
The sale falls under the Jordanian government's plan to privatize Jordanian industries. The government previously sold 33% of its cement producer to Lafarge of France, 40% of its telecommunications sector to France Telecom, and shares in as many as 44 other companies. The electricity companies are next.