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FINANCIAL NEWS
Jordan, Syria agree to liquidate marine firm
21 Feb 2006
(MENAFN) Jordanian Minister of Transport Alaa Batayneh has said that the government has decided to liquidate the Jordanian-Syrian Marine Company which has recently suffered steep losses, Petra reported.
Speaking at a meeting in Amman he co-chaired with his Syrian counterpart, Yarob Suleiman Badr, he said that the company had suffered huge technical and financial burdens that hamstrung its development and precluded modernization of its fleet.
Batayneh said the company needed over $16 million to be rejuvenated and made ready for a new start.
The general assemblies of the Jordanian-Syrian Land and Marine Companies had previously agreed either to look into securing new financing for the marine transport company or liquidating it.
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