Istanbul ferries to start privatization procedures

Privatization procedures are to start Thursday for Istanbul Fast Ferries Co. Inc., or İDO, an enterprise run by the Istanbul Metropolitan Municipality, the company announced Tuesday. The company runs transportation operations within Istanbul and to major ports on the Marmara Sea. Preparations for İDO’s privatization tender have been completed, according to a written statement sent by the Istanbul Metropolitan Municipality to the Anatolia news agency. The announcement said the municipality would tender the entire company and the initial offer would be collected in a secret bidding process. According to the statement, the privatization procedure will include bargaining and bidding periods. The statement said the bidders would be asked for a safeguard cost of $20 million. The deadline for the bidding was announced as the last day of March. The total price would be due to the municipality in cash at the signing ceremony of the sales contract, the announcement said. Potential bidders may purchase the bid specifications for $20,000 starting Jan. 17. İDO began operations with 10 sea buses purchased from Norway and quickly became a symbol of fast and comfortable commuting in Istanbul. Between 1988 and 2010, the number of its vessels increased to 47, including 25 sea buses, 10 fast ferries and 17 public ferries. There is “serious interest” in İDO, Istanbul Mayor Kadir Topbaş said earlier in October.