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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.2387 sec (4 req/sec)