Algeria News & Events, Latest News for Algeria

Update: Monday, 14 April 2008    

An international business bank examines the opening of SNTV capital

After three Cnan branches privatisation
Sunday Apr 01 2007.

National Algerian Company of Maritime Navigation CNAN branches privatization will be pursued by the launching of a call for tender for the opening of the capital of three remaining branches during the second half of the year 2007 namely the National Enterprise of Ship Reparation

Nashco and Gima, an official source from Maritime Transport Shareholdings Management Company “Gestmar” told El Khabar. The privatisation of these branches intervenes after State Shareholdings Council approval of Cnan Maghreb, Mediterranean Cnan, and Cnan Nour privatisation folios, in addition to the creation of a joint venture between the Saudi Company Feraoun and Cnan.

As for National Company for Passengers Transport (SNTV), the same sources made clear that the chosen international business bank is currently striving to find the appropriate way in order to dilute SNTV capital either by giving in most of the capital to the national company or to a foreign partner.

The same sources underscored that an agreement is to be concluded with the new potential partners so as to keep the existing jobs and creating new ones contrary to what happened with the former branches privatization that resulted in 8000 dismissed workers.

Concerning branches which privatisation has been approved by State Shareholding Council, the sources pointed out that lawyers appointed by the ministry of State Shareholdings and promotion of investments are working currently with labour ministry teams in order to set up new companies.

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