Algerian authorities approves the privatisation of CNAN

Algerian authorities have given final approval to the privatisation of ailing state-owned CNAN. It has been confirmed that affiliate CNAN-Nord, which controls liner services to North Europe, has been sold to the Franco-Algerian air transport group GO FAST-Aigle Azur. GO FAST will directly hold 49% of CNAN-Nord while a further 2% has been sold to its chairman, Arezki Idjerouidene, giving GO FAST actual control of CNAN-Nord. The remaining 49% will be retained by CNAN itself. Italian shipping group Dario Perioli has acquired a 49% stake in CNAN-Med, controlling CNAN’s liner business in the Mediterranean area, with CNAN holding the majority 51% stake. Ferry operator CNAN-Maghreb Line has also gone to GO FAST-Aigle Azur, with 49% plus 2% for chairman Idjerouidene. CNAN will retain the minority stake. The bulk carrier division, which operates ageing Handysize vessels and the Panamax El Hadjar, will become part of a joint venture with the Saudi cement specialist Pharaon. The Pharaon/CNAN venture will see Pharaon controlling 49% with a further 2% being taken by Algerian businessman Mustapha Lardji; CNAN will retain 49%. CNAN will contribute eight ships to the venture.