Mitsubishi Eyes Latvian Shipping

Latvia's privatization agency said that Japan's Mitsubishi group had expressed interest in the privatization of Latvian Shipping. "Companies that are expressing their interest for the first time have appeared," agency head Janis Naglis told a news conference, adding that Mitsubishi was one of them and that sell-off rules had been sent to 20 potential bidders. "Latvian Shipping privatization terms have been sent to all interested groups - 14 industrial partners and six potential financial investors," Naglis said. The agency has set the minimum share price for a 34 percent of Shipping's 200 million shares to be sold at 0.51 lats, although a firm date for the auction has not yet been scheduled. The winning bidder in the auction will get another 10 percent in a separate transaction for the same price. Most of the remaining shares are to be sold in offerings for privatization vouchers and cash by September 1, 2000.