Privatization could be worth 1 billion lats

  • 1998-07-23
RIGA (BNS) – Privatization vouchers worth 1 billion lats ($160 billion) could be redeemed through the privatization process in Latvia, Latvian Privatization Agency (LPA) Director General Janis Naglis predicted.
Naglis noted that it had originally been planned to redeem vouchers worth 500 million lats, but vouchers worth 750 million lats have been redeemed so far.
Only nine companies employing in total around 50 people have not begun to be sold off yet, which means that privatization is practially over in Latvia, he said.
Among the major companies which are still in the process of privatization are Latvenergo power company, Latvian Shipping Company, Latvijas Nafta and Radiotehnika-RRR.
Naglis said the privatization process should ensure that the large companies do not turn into "major private sharks." The LPA should by the end of 1999 complete privatization of land, as by that time the validity of privatization vouchers will expire.