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Article: LATVIA: LATVIAN SHIPPING COMPANY PRIVATIZATION FAILS ONCE MORE.(Brief Article)
- Article from:
- IPR Strategic Business Information Database
- Article date:
- December 23, 1999
CopyrightCOPYRIGHT 1999 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Latvian Privatization Agency (LPA) on 21 December confirmed that the planned auction for a minority stake in Latvijas Kugnieciba (Latvian Shipping Company, LASCO) failed once again, LETA and BNS reported. The only bid submitted by the 20 December deadline came from a subsidiary of Russia's LUKOil, but it failed to meet all the requirements set by the LPA, including submitting a security deposit. Before the bad news was announced, Economics Minister Vladimirs Makarovs chimed in optimistically, saying the 0.51 lats ($0.87) share price had been correct. Afterwards he noted the privatization regulations need to be thoroughly reviewed again, and LPA ...