Transneft Rejects Summa's Proposal to Complete Port Deal
Russian oil pipeline monopoly Transneft has rejected a proposal from its rival Summa Group to complete a deal to buy a Novorossiysk Commercial Sea Port (NCSP), a Transneft spokesman said on Monday.If the deal goes ahead it will allow Transneft to take control of Russia's largest port operator. But Transneft said earlier this month it had suspended talks on the deal after the authorities arrested the co-owner of Summa, Ziyavudin Magomedov, on charges of embezzling more than $35 million.Magomedov denied the charges at a pre-trial hearing…
Russia's Grip on Biggest Port Operator Tightens
Moscow tightened its grip on Russia's biggest port operator on Friday, making a government official chairman and ousting representatives of the only private shareholder from the board.The changes follow the arrest last month on organized crime and embezzlement charges of Ziyavudin Magomedov, head of the Summa conglomerate which with a joint venture partner owns a 50.1 percent stake in the port operator. He denies the charges.Several senior Russian business executives have said the prosecution would allow the state to extend its control over the Russian economy…
25% Of Shipbuilder To Be Sold
Ukraine will sell 25 percent in its shipbuilding company Meridian through a privatization tender in September, the State Property Fund said. The fund said the starting price of the stake was set at eight million hryvnias ($1.47 million). A winning investor would also have to keep the present number of employees and prepare a long-term plan for modernizing the plant. The plant, located in the southern Ukrainian port of Mykolayiv, posted a pre-tax profit of 4.089 million hryvnias in the first quarter of 2000.
Ukraine To Sell Stake in Shipbuilder
Ukraine will sell a 78 percent stake in shipbuilding company Okean in an auction on September 11, the State Property Fund said. The stake in the company, located in Mykolayiv in southern Ukraine, is being offered to investors at a starting price of $4.8 million, the fund said. The winner of the tender would have to preserve Okean's specialization as ship-builder, pay off its debts to the budget of $459,660 and cover salary arrears of $1 million. The charter capital of the company, defined as the number of shares multiplied by the face value of one share, is $704,199. In the first half of this year Okean had a pre-tax loss of $606,751. Last year the company had a pre-tax loss of $9.6 million.
B.V. Holding Purchases 78 Percent Stake in Okean
Dutch B.V. Holding Maatschappij Damen has bought 78 percent of Ukraine's ship building plant Okean and will pay 26.3 million hryvnias ($4.8 million) for the stake, the State Property Fund said on Thursday. The Dutch company, which has won a privatization tender, will also have to pay off Okean's tax arrears of 2.5 million hryvnias and cover salary arrears of 5.5 million hryvnias. The plant, located in the city of Mykolayiv in southern Ukraine posted a pre-tax loss of 3.3 million hryvnias in the first half of this year. Last year the company had a pre-tax loss of 52.3 million hryvnias.
DFDS Tor Line Takes Stake In LISCO
Danish sea shipping company DFDS Tor Line bought a majority stake in Lithuanian shipping line LISCO for $47.6 million to bolster its presence around the Baltic Sea. "We can use LISCO... to build a very strong base in the Baltic Sea... We also have to look at the Russian traffic," DFDS General Manager Ole Frie said. Lithuania's State Property Fund earlier said it signed a deal with DFDS to sell a 76.36 percent stake in LISCO to DFDS. The Danish company also agreed to invest another $60 million in LISCO over three years. "DFDS Tor Lines -- under the name of LISCO -- will operate six RoRo and RoPax vessels... plus six comparatively new multi-purpose LoLo vessels," the company said. LISCO shares closed 2.34 percent lower on Monday while the benchmark index ended down 2.25 percent.
Lithuanian Shipping Privatization to Proceed
After a number of starts and stops, it appears that the new year will bring in fresh opportunities for shipping companies to expand fleets with Lithuanian fleet acquisitions. Both JSC Klaipeda Transport Fleet (KTF) and JSC Lithuanian Shipping Company are set to hit the theoretical auction block. Following are key details of both auctions. KTF is one of the largest Lithuanian shipping companies, whose principal activities are transportation of refrigerated cargo by sea and lease of sea transport vessels. The state holds and offers 105,800,225 (80.89 percent) shares in the company at the starting price of 48,668 thous.LTL (1 EUR=3.4528 LTL). KTF owns and operates 16 medium and small-sized cargo reefers, with a total fleet capacity of 85,664 cu.
