Latvian Shipping Buy Rules May Be Eased

Wednesday, May 16, 2001
Latvia may drop certain key conditions in a fresh attempt to privatize Latvian Shipping but could keep the offered stake at 68 percent. Latvia's cabinet officially admitted defeat on Tuesday in its fourth attempt to sell the sea cargo firm and ordered the economy ministry to draw up a new tender for its privatization. "The variant offered could contain giving up on the strategic investor, but I do not see any arguments why we should give up the current stake (to be offered)," privatization agency head Janis Naglis said. Naglis said giving up on a strategic investor meant scrapping several key requirements, including future investments, keeping the firm in the shipping business and limits on reselling it. Without these requirements, the potential range of bidders could widen. The last plan was to sell 68 percent to a strategic investor and then another 15 percent by public offering. In the last tender the two final bidders failed to submit a bid bond to take part in the auction that was set for May 11. The two bidders were Italy's d'Amico Societa di Navigazione S.p.A. and FAL Oil Company Ltd. of the United Arab Emirates. Naglis said d'Amico had submitted a preliminary offer of $22.4 million and FAL $70 million before the state set the minimum auction price at 70 million lats ($111.2 million). The Dutch consultant in the Latvian Shipping sale, BDO New Markets, had advised the government to set the minimum auction price for the 68 percent stake either at $70 million or $100 million. Naglis said that before the cabinet decided to restart the privatization with new rules, FAL had expressed interest in further participation in the sell-off and possibly increasing its offer. He could not say whether FAL was still interested. - (Reuters)
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Somali Pirates Release Long-held Hostages

Somali pirates have freed four Thai nationals seized from a fishing vessel at sea in 2010, ending the longest-running hostage drama in the Horn of Africa state, the United Nations said on Friday.

US, Chinese Navies Conduct Joint Exercise

A U.S. Navy littoral combat ship and a Chinese Navy frigate conducted a joint training exercise in the South China Sea.   The U.S. Navy littoral combat ship USS

MCPON Stevens Delivers Congressional Testimony

Master Chief Petty Officer of the Navy (MCPON)(AW/NAC) Michael Stevens testified before Congress Feb. 25. Stevens appeared before the House and Armed Services

Finance

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0939 sec (11 req/sec)