Government Spokesperson Nasser Judeh said that 3% of the shares are for the staff and retirees of the Armed Forces and security agencies. The government will sell 5% to the Social Security Corporation and 20% to both the Gulf Finance House and the Al Nour Company.

France Telecom, Jordan Telecom’s main partner, will be able to increase its share in the company by 11%. The remaining 2.5% of the company will be offered on the Amman Stock Market, exclusively for Jordanians. The sale of 11% to France Telecom was contingent on the swap of Jordanian debts owed to France at a discount rate of 38%. Currently, France Telecom owns 40% of Jordan Telecom, SSC 13% and individual investors 5.5%.

The government said proceeds from the deal would be used to reduce foreign debt and increase foreign currency reserves.

Source: Jordan Times - WDR/Intelecon Regulatory News