Company will seriously consider raising capital
Petra | Apr 28,2012 | 22:46

AMMAN — Chairman-designate of Jordan Phosphate Mines Company (JPMC) Munther Haddadin announced on Saturday that the company will be engaged in a major marketing activity this year, especially after breaking up the monopoly in the Indian market.

During the firm’s ordinary and extraordinary general assembly meetings, Haddadin credited the previous board of directors for the achievements and profits that reached JD145.8 million after tax and provisions in 2011 compared to JD80.2 million in 2010.

Shareholders approved amendments to Article 39 of the JPMC’s bylaw to be in line with the companies law. Accordingly, the Brunei government will have three board seats instead of four and seven of the nine-member board are to be elected.

Under the new modifications, the number of representatives on JPMC’s board will be three for the Brunei government, two for the Jordanian government and one for Kuwait.

The general assembly also decided to distribute JD33.370 million in cash dividends at a rate of 45 per cent, amid requests that the rate be raised to 70 per cent.

Haddadin expected an improvement in the average price of phosphatic fertiliser products in the international market and indicated that unaudited preliminary results point to big improvement in profits in the first quarter of this year compared with the same period of last year.

He said the company will seriously consider the request of the general assembly to capitalise a portion of retained earnings and raise the capital by distributing free bonus shares.