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

People & Company News

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.0938 sec (11 req/sec)