Jordan Dubai Capital (JD Capital), an investment company based in Amman, has announced the sale of its 51% stake in Kingdom Electricity Company (KEC) for a total consideration of JD50.0m (approximately $71m). KEC owns 100% of the Electricity Distribution Company (EDCO) and 55.4% of Irbid District Electricity Company (IDECO) both Jordanian Public Shareholding Companies that were privatized by the Government of Jordan in 2008.
The purchaser is the Social Security Investment Fund of Jordan 'SSIF' who along with Dubai International Capital are the largest shareholders in JD Capital.
Commenting on the sale David Smoot, Chairman of Jordan Dubai Capital said: "This transaction is another example of JD Capital's strategy for realizing value for its shareholders and for the Jordanian economy. A number of international companies had indicated their interest in KEC recognizing the strong growth prospects for Jordan's power sector. However, the transaction was concluded with SSIF because we believe that SSIF shares our vision for the development of the Jordanian economy. The decision was reinforced by SSIF being a major shareholder in JD Capital."
Commenting on the sale David Smoot, Chairman of Jordan Dubai Capital said: "This transaction is another example of JD Capital's strategy for realizing value for its shareholders and for the Jordanian economy. A number of international companies had indicated their interest in KEC recognizing the strong growth prospects for Jordan's power sector. However, the transaction was concluded with SSIF because we believe that SSIF shares our vision for the development of the Jordanian economy. The decision was reinforced by SSIF being a major shareholder in JD Capital."
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