Privatization process in Lithuania — страница 2

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process by new law is made less bureaucratic. The SPF co-ordinates the privatisation process in Lithuania and directly organizes privatisation of largest state- controlled entities in industry and infrastructure. Privatisation of these enterprises is carried out through transparent competitive procedure of international tenders prepared and executed by internationally renowned advisors and arrangers. First of all, public tender is announced to prepare the privatisation program for the company by retaining a leading adviser. During the tender, consultants having an extensive experience of privatisation in the relevant sector are selected to prepare an attractive privatisation program and provide financial, technical and legal advice for the Government of Lithuania concerning the

enterprise to be privatised. When the program is to be approved by the Privatisation Commission and the Cabinet of Ministers a tender is to be announced for the privatisation of the company where the object shall be sold. Recently Public Limited Companies Lithuanian Telecom ("Lietuvos Telekomas") and Hotel Lietuva (Vie?butis "Lietuva") have been privatised. Privatisation of these enterprises is carried out through transparent competitive procedure of international tenders prepared and executed by internationally renowned advisors and arrangers. For the enterprises which have a strategic importance to the Lithuanian economy, the Government has devised a special procedure of two stages for their privatisation and some of them are already privatised. Public

Limited Companies Lithuanian Telecom (Lietuvos Telekomas) has been 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 "Ma?eikiu 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; 2) to promote the development of enterprises and markets; 3) 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, 2) the Privatisation Commission is responsible for the approval of final decisions and control of the

privatisation process. 3) 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.: I. Lithuanian Development Agency. Website: http:\\www.lda.lt II. ''Lietuvos Rytas" Nr. 8

(360)/ 1999 m. sausio 30 d; " Valstyb?s turto fondo veiklos ap?valga". p.16; III. Republic Of Lithuania Law On The State Property Fund. Website:http:\\www.lrs.lt