(story to be published in tomorrow's issue, April 3)
The State Ownership Fund on Thursday sold to the Norwegian naval brokerage holding Scandinor AS a stake of 69.52 percent in stock it owns in aantierul Naval Braila (Braila Shipyard). The total value of the transaction, representing the price of stock and technological and environment investments, came to 9.3 million dollars. According to the chairman of the Norwegian company's Management Board, Knut Magne Flolo, the value of investments to be poured during the next years in Braila will stand at approximately six million dollars. At the same time, Scandinor took over historic debt the Braila-based company held to the state budget, worth 222 billion lei. The foreign investor also pledged through the contract not to lay off, during the next three years, any of the 3,184 employees of the naval shipyard. aantierul Naval Braila is specialised on naval constructions and mending activities, on recovering waste material and recyclable metal scrap, on import-export activities, food retail activities developed in specialised shops. The company manufactures ships in line with regulations of international classification companies (Germanische Lloyd, Buyreau Veritas, Lloyds Register of Shipping, and the Chinese Naval Register), exclusively on the basis of orders and under the strict surveillance of its customers, most of whom are foreign ship owners. The shipyard is specialised on constructing and mending river and maritime ships with a maximal weight of 2,400 tons. At the end of last year, aantierul Naval Braila had debts standing at 222 billion lei, more than half the sum representing banking loans and assimilated debt. The company has to recoup32 billion lei from its business partners. Last year, the shipyard posted total revenues worth 305 billion lei and had expenditures standing at 298 billion lei. The company's share capital stands at 74 billion lei. Financial investment companies (SIFs) hold 14.47 percent of its share capital, and small shareholders control a 16.01 percent stake. The Norwegian holding Scandinor, set up in 1997, owns several companies specialised on naval brokerage, the production of ship sections, counseling for investments in shipyards, fish trading and investments in the agricultural sector. Part of these, Scanrom Impex, Scanyard SRL, Scandic Marine, Norfarm Craiova, Pegasus International operate in Romania, while Scandinavian Trading Partners, Noryard, Norsurvey, Norfarm Norge, headquartered in Norway, have business relationships with Romanian companies.
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