Friday, Oct 13, 2006
BEIRUT (Zawya Dow Jones)--Bahrain will privatize its Mina Salman Port before the end of 2006 by awarding a new joint venture company with a 25-year contract to manage the existing Mina Salman Port and develop a new port called Khalifa bin Salman Port under a build-operate-transfer contract.
"Netherlands-based APM Terminals will have 80% stake in the company while Bahrain-based Yusuf Bin Ahmed Kano Group will own 20%," Ebrahim Salman, project manager for the privatization program at the Customs, Port & Free Zone Affairs of the Mina Salman Port told Zawya Dow Jones.
APM Terminals is a part of Denmark's A.P. Moller-Maersk Group (MAERSK-B.KO) and says it operates over 40 container terminals worldwide.
Salman said the new joint venture company will launch an initial public offering in Bahrain for 20% of its capital after five years of operation.
The new Khalifa bin Salman Port is scheduled for completion in mid 2008 but the capital of the joint venture company and the value of the BOT contract have yet to be determined, Salman added.
- By Nadim Issa, Zawya Dow Jones, +961 1 985757, nadim@zawya.com
Copyright (c) 2006 ABQ Zawya Ltd.
(END) Dow Jones Newswires
10-13-06 0733ET
Copyright Zawya Dow Jones Newswires 2006
