MerchantBridge appointed as advisor for Iraq industry privatization
London-based MerchantBridge & Co has been appointed as the Lead Advisor to the Iraqi Ministry of Industry and Minerals for their Lease of Industrial Factories Program.
The Ministry received a total of 111 bids in response to the privatization tender, put out in the form of leasing contracts. The scheme is in line with a comprehensive economic reform program announced in September by US civilian administrator Paul Bremer.
The tender, which closed on November 30, 2003, offered opportunities in the sectors of food, chemicals, pharmaceuticals, textiles, construction and engineering to foreign investors. Some 20 Arab and 14 Western or Asian countries were represented in the bids made for the 35 Iraqi factories up for grabs. Iraqi competitors submitted bids in coordination with foreign firms.
MerchantBridge will oversee negotiations with bidders and will assist in the evaluation of offers submitted. “We will take into consideration several factors such as the reputation and experience of potential lessees, as well as their readiness to transfer technology and provide training and new investment. The selection process will be entirely transparent,” said Managing Director of MerchantBridge, Basil Al-Rahim
MerchantBridge is an independent merchant banking firm that acts as a bridge between Middle East North African (MENA) clients and the international financial community. It has offices in London, Bahrain and Baghdad, and strategic alliances with international partners in Europe and the United States. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
- Iraq’s industrial sector leads the way to privatization
- The Largest Private Equity MENA Deal of the Year to Close in Iraq
- US firm to negotiate 26% stake in Jordan’s Arab Potash Company
- Sonoran Energy submits bids for two addition Iraqi oilfield contracts
- International firms invited to bid on studies for Iraq-Jordan oil pipeline