Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Aigars Kalvitis News

01 Feb 2001

Shipping Company Privatization Draws Bidders

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.

31 Jan 2001

Fourth Time A Charm For Latvian Shipping?

After five years of failed tenders and political turmoil, Latvia is once again bringing Latvian Shipping to the block in the hope of finally selling the company that has unseated governments and marred the country's image. Investors looking at the potential privatization of the 68 percent stake the state is offering in the world's 19th-largest shipping firm in tonnage terms, have until 10:00 GMT on February 1 to express interest in taking part in the company's fourth sell-off tender. A final auction is expected in May. As with previous attempts to privatize the company, the latest effort has been surrounded by political bickering. Despite the dismal backdrop for the sale, however, the government says this time it is convinced it will succeed.

14 Feb 2001

Three Bidders Approved To Buy Shipping Company

Latvian Economy Minister Aigars Kalvitis said the cabinet had approved three bidders to buy a 68 percent stake in Latvian Shipping. "Six companies had applied and we approved the 'long-list' of three companies," Kalvitis said. He did not name the bidders. The three approved companies will have to place their bids in early April. The cabinet will evaluate the bids and shortlist the companies, which will carry out due diligence of Latvian Shipping. The cabinet will also name the minimum price for the majority stake in the shipper. The auction is expected to take place in May. – (Reuters)

15 May 2001

Will Fourth Time Be A Charm?

Latvia's government officially admitted defeat on Tuesday in its fourth attempt to sell sea cargo firm Latvian Shipping, ordering the economy ministry to draw up a new tender to sell the firm. "The government decided to stop the Latvian Shipping privatization process based on the current rules and asked the economy ministry to prepare new guidelines within two weeks in order to continue," Economy Minister Aigars Kalvitis said. Privatization officials were sent back to the drawing board last month after the two finalists selected by the government failed to submit a bid bond to take part in an auction for a 68 percent stake, which had been set for May 11.