The largest shareholder of Jordan Phosphate Mines, Brunei, is selling its 37% stake in the company to Indian companies Kisan International Trading and Indian Potash for approximately $130m. Kamil Holdings, part of the Brunei Investment Agency, bought the stake in 2006, but has been trying to offload it after the former CEO was given a 22-year jail sentence in absentia for embezzlement. The Brunei deal, which aimed to put the indebted and loss-making company on a sounder financial footing, was later criticised by Jordan’s parliament for alleged corruption, part of a backlash against privatisation and economic nationalism that swept the country. In March this year, India announced that it had signed deals worth more than $1bn with China National Chemical Corporation (CNC), China's state-owned chemical company, on two major projects - one at India's port city
The largest shareholder of Jordan Phosphate Mines, Brunei, is selling its 37% stake in the company to Indian companies Kisan International Trading and Indian Potash for approximately $130m. Kamil Holdings, part of the Brunei Investment Agency, bought the stake in 2006, but has been trying to offload it after the former CEO was given a 22-year jail sentence in absentia for embezzlement. In March this year, India announced that it had signed deals worth more than $1bn with China National Chemical Corporation (CNC), China's state-owned chemical company, on two major projects - one at India's port city