Shipping Company Privatization Draws Bidders

Thursday, February 01, 2001
Latvia's privatization agency said on Thursday several potential bidders were interested in a 68 percent stake in Latvian Shipping. The deadline to submit such expressions of interest is February 1 and this tender is the fourth attempt to sell the controlling stake in the firm after previous attempts failed due to little interest and political bickering. "We have several applications... more than one, from several continents," privatization agency head Janis Naglis told a news conference. Economy Minister Aigars Kalvitis said participation of international advisers and surveillance from local NGOs would secure transparency in the process. The 136 million state-held shares are expected to be sold and paid for by June. The cabinet is expected to approve the initial list of potential bidders on February 13, and is expected to keep it confidential until the auction day. "Based on the advice from our consultants, we will not disclose either the names or number of bidders as long as possible," Kalvitis said. The final auction is expected to take place in May. Latvian Shipping, the world's 19th largest shipping firm in tonnage terms, has budgeted a 2001 net profit of $5.6 million on planned turnover of $164.4 million. The privatization agency first started planning its sale in 1996.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.1168 sec (9 req/sec)