Historic overview of privatisation process in lithuania - purchased by the strategic investor - Consortium "Amber Teleholding" of Sweden "Telia" and Finnish "Sonera". The Government accepted sale option of 60...

Реферат - Historic overview of privatisation process in lithuania

purchased by the strategic investor - Consortium "Amber Teleholding" of Sweden "Telia" and Finnish "Sonera". The Government accepted sale option of 60 per cent shares. In the energy sector, the oil refinery AB "Maћeikiu Nafta" is also being prepared to privatisation. Using the International tender, a consortium of financial and other advisors, led by Banque Paribas, has been selected as the winner of tender. At the moment it is under the negotiations with potential investors. The Government of Lithuania is also privatising two airlines: "Lietuvos avialinijos" and "Aviakompanija Lietuva". Recently, the companies have been consolidated so that "Aviakompanija Lietuva" became a subsidiary of a major airline. The privatisation of the company is foreseen in 1999.

Privatisation of these entities is expected to achieve the following goals:

to increase the efficiency of management and operation by introducing new technologies, investing additional funds and exploiting the experience of investors in the relevant area; to promote the development of enterprises and markets; to liberalize monopolistic markets.

Institutions taking part in the privatisation of strategic objects are as follows:

the Property Fund, the role of coordinator; prepares companies for privatisation and carries out the technical work, the Privatisation Commission is responsible for the approval of final decisions and control of the privatisation process. International tenders for privatisation of strategic objects are carried out by specially appointed Public Tender Commissions for the sectors of energy, transport and telecommunications.

Public Tender Commissions determine the criteria for the preparation of privatisation programs based on the Government policy as well as practice and experience of other countries. The main priorities of privatisation include not just maximising the revenue from the privatised objects, but also attracting potential investors and their contribution to Lithuania. Privatisation of the largest objects in Lithuania is carried out in an open, transparent, efficient and rapid manner.

Sources:

Lithuanian Development Agency. Website: http:\\www.lda.lt ''Lietuvos Rytas" Nr. 8 (360)/ 1999 m. sausio 30 d; " Valstybлs turto fondo veiklos apюvalga". p.16; Republic Of Lithuania Law On The State Property Fund. Website:http:\\www.lrs.lt

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