UK Company Makes Bid for Georgian Shipping Co.

Marine Capital Limited, a U.K. company, announced that it is also placing a bid for the Georgian Ocean Shipping Company.  But in its press release, issued on December 27, Marine Capital Limited did not indicated the amount of its bid.

The Georgian government has extended the deadline for applying to purchase the Georgian Ocean Shipping Company until January 10, 2005. The initial deadline to offer a privatization bid was December 27.

The Greenoak Group has already offered Georgia USD 107 million for the shipping company. The offer also envisages joint operation of the Oil Pier adjacent to the Batumi Oil Terminal, which is also owned by the Greenoak Group.

?We expressed definite interest in accordance with the published sale process of the Georgian government and we have subsequently, at its request, made a firm offer. We believe this offer to be very competitive and in compliance with all the Government’s requirements and we are looking forward to having the opportunity to complete the deal early in the New Year,? the press release issued by the Marine Capital Limited reads.

?We are bidding only for the shipping company whereas we understand the offer from Greenoak is tied to a variety of other business interests of theirs… In our offer we have undertaken to use Georgian crew, managed from the existing crewing office, for a minimum period of five years from finalisation of the transaction and to endeavor to help develop the Maritime Academy in Georgia for international shipping business,? the Marine Capital Limited says.