Eitzen Calls for Bermuda Move

first_imgzoom Eitzen Chemical ASA sent out a letter to its shareholders with a recommendation from the Board to accept the exchange offer from Team Tankers International (TTI) for the company’s move to Bermuda.Team Tankers International  is a company established by Eitzen Chemical with the sole purpose to move its operations to Bermuda.“This is desirable as the new owners is substantially non-Norwegian and it is important for the group to operate under favorable, stable and predictable legislative and regulatory conditions,” the letter read.TTI  sent out a combined prospectus and offer document to all shareholders in Eitzen Chemical on 30 January 2015.The  offer envisages an exchange of three Eitzen shares for one share in TTI in line with the Oslo Stock Exchange requirements for a stock price of at least NOK 10 per share.“The offer is conditional on that 99.5% accept the Exchange Offer, and we need the shareholders support to reach this condition,” Eitzen said.The acceptance period for the offer expires on 28 February 2015.The 4th quarter of 2014 represented stronger earnings for Eitzen that were particularly evident towards the end of the quarter, and 2015 has started on a positive note, the company said. Eitzen is undergoing a restructuring process to cut mounting losses from last year.last_img read more

Only 39 of land needed for bullet train project acquired

first_imgNew Delhi: Prime Minister Narendra Modi’s ambitious Mumbai-Ahmedabad bullet train project is missing on its deadline of land acquisition as till date only 39 per cent of the 1,380 hectares of land required has been acquired.A senior National High Speed Rail Corporation Ltd. (NHSRCL) official requesting anonymity told IANS: “Till date, we have acquired about 39 per cent of the land.”He said the NHSRCL has acquired 537 of the 1,387 hectares land required in Maharashtra and Gujarat. Also Read – IAF receives its first Rafale fighter jet from FranceIn Gujarat, the NHSRCL has acquired 471 of 940 hectares of land, while in Maharashtra, it has acquired 66 of 431 hectares. “Of the nine hectares land required in Dadra and Nagar Haveli, the agency has been unable to acquire even a single piece of land,” he said. The government had set a deadline for December 2018 to clear the land acquisition roadblock.Modi and his Japanese counterpart Shinzo Abe on September 14, 2017 laid the foundation stone of the ambitious Rs 1.08 lakh crore ($17 billion) 508-km long Ahmedabad-Mumbai high-speed rail project. Also Read – Cosmology trio win Nobel Physics PrizeJapan International Cooperation Agency (JICA) and the Union Railway Ministry have inked a memorandum of understanding (MoU) for the 508-km corridor, with Japan to partially fund the project.The official said the railways has floated the tenders for the construction of tunnelling works, including testing and commissioning for double line high speed railway using tunnel boring machine (TBM) and New Austrian Tunnelling Method (NATM) between Mumbai underground station at Bandra-Kurla Complex and Shilphata in Maharashtra. According to the official, a 21-km-long tunnel will be dug between Boisar and BKC in Mumbai, 7 km of which will be under the sea.The NHSRCL official said that the design and construction of civil and building works including testing and commissioning of 237 km length of mainline for Mumbai-Ahmedabad High Speed Rail corridor between Zaroli village at Maharashtra-Gujarat border and Vadodara in Gujarat, which is 47 per cent of total length of the project, elevated except one mountain tunnel of about 280 metre, 24 river crossings and 30 road and canal crossings have been floated.He said the tenders to construct the stations in Gujarat’s Vapi, Bilimora, Surat and Bharuch have also been floated.The official said that the work on utility diversions on various locations is progressing well while the work at Sabarmati hub in Ahmedabad has started.The bullet trains are expected to run at 350 km per hour covering the 508 km stretch in about two hours. In comparison, trains currently plying on the route take over seven hours to travel the distance, whereas flights take about an hour.last_img read more