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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

USS Oscar Austin Deploys to 6th fleet

Arleigh Burke-class guided-missile destroyer USS Oscar Austin (DDG 79) departed Naval Station Norfolk Nov. 21 for a deployment to the U.S. 6th Fleet area of responsibility (AOR).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Australia: Maritime SAR in Asia Pacific a Priority

Defense force personnel from Australia are in China for Exercise Cooperation Spirit 2014 which begins today. The exercise aims to enhance coordination and cooperation between Australia,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.1188 sec (8 req/sec)