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State Ownership Fund News

25 Jun 1999

Bunkering Shares Sold To Overseas Shipping Stevedoring

Romania's privatization agency, the State Ownership Fund (FPS), is reported to have sold its stake in bunkering company Navcom to Yemen's Overseas Shipping & Stevedoring Co.

07 Apr 2000

Aker Brattvaag Acquires Romanian Yard

Norway’s Aker Brattvaag AS, a unit of Aker RGI signed a contract with Romania's main privatization agency to acquire a majority stake in a local shipyard. A statement from the State Ownership Fund (FPS) said that under the contract, the FPS sold its 69.999 percent stake in Santierul Naval Tulcea in a deal worth some $22.6 million, including investments. Two-year investments, mainly in technology and environmental protection, represents some 60 percent of the value of the deal. Under the deal, Aker also assumes the shipyard's debts, mainly to banks and suppliers, of $12.1 million. Santierul Naval Tulcea, based in the Danube port town of Tulcea, has a share capital of $6 million.

31 Mar 2000

Scandidor To Acquire Stake In Yard

Norwegian group Scandinor AS has signed a contract with Romania's main privatization agency, FPS, to acquire a majority stake in local shipyard Santierul Naval Braila. Scandinor is to acquire the State Ownership Fund's (FPS) full stake of 69.52 percent in Santierul Naval in a $9.3 million deal including investments spread over five years, FPS executive manager Alin Giurgiu said. He said the acquisition price represented around one third of the value of the deal, with investments worth some $6 million focusing on technology upgrades and environmental protection. Scandinor, Giurgiu said, will also take over Santierul Naval's debts, amounting to around $11.4 million, mainly to banks and suppliers.

30 Mar 2000

Norwegians Buy Romanian Shipyard

Norwegian group Scandinor AS has signed a contract with Romania's main privatization agency, FPS, to acquire a majority stake in local shipyard Santierul Naval Braila. Scandinor is to acquire the State Ownership Fund's (FPS) full stake of 69.52 percent in Santierul Naval in a $9.3 million deal including investments spread over five years, FPS executive manager Alin Giurgiu said. He said the acquisition price represented around one third of the value of the deal, with investments worth some $6 million focusing on technology upgrades and environmental protection. Scandinor, Giurgiu said, will also take over Santierul Naval's debts, amounting to around $11.4 million, mainly to banks and suppliers. The yard designs, builds and repairs small- and medium-tonnage river- and sea-going ships.