The Jordanian government has entered into an agreement with Kuwaiti public transport firm City Group Company to buy the company's entire stake in the Amman-based AutoBus for $10 million.

Under the agreement, the Jordanian government will make the payment in 10 instalments in a decade ($1 million a year) without interest, said Industry, Trade and Supply Minister Hatem Halawani and Finance Minister Umayya Toukan after signing the deal with AutoBus chairman Yagob Sharhan.

City Group had in May 2010 acquired the 51 per cent stake in Autobus through a KD6.2 million ($21.9 million) capital injection.-TradeArabia News Service