Aker Brattvaag Acquires Romanian Yard

Friday, April 07, 2000
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. Shareholders include a local investment company with 23.743 percent and individual shareholders with 6.257 percent. Management holds 0.001 percent. Santierul Naval Tulcea builds barges and dredgers, tug boats, cargo vessels, refrigerating ships, chemical tanks and containers. Romania, which has already privatized three shipyards, plans to complete privatization of the shipbuilding sector this year with the sale of another three shipyards, including Black Sea-based Santierul Naval Constanta
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