AMMAN, 29 December 2006 — The Jordanian government has picked up the US Citigroup conglomerate to act as an adviser on the financial, legal and technical aspects for the privatization of the country’s national carrier, Royal Jordanian (RJ), an official statement said yesterday.
“An agreement has been signed with Citigroup which will lead a coalition of companies for extending financial, technical and legal advice to the government in the second stage of the RJ’s privatization,” said Mohammad Abu Hammour, chairman of the Privatization Department.
Citigroup won the contract in direct competition with Merrill Lynch and Goldman Sachs, Abu Hammour said. Citigroup was chosen after a prolonged evaluation of the technical and financial offers extended by the three international banks with extensive experience in the sphere of airlines privatization,” he added.
A panel in charge of the RJ privatization earlier chose eight international firms specialized in privatization and merger of airways but short-listed them to three at a later stage, said Abu Hammour who signed the agreement on behalf of the government.
“Citigroup was picked up in view of its ability to meet the government’s conditions for RJ privatization and its well-known efficiency and consultative experience in the spheres of privatization and merger of airlines,” he added.
