The Government is now ready to apply to a new method of raising funds for purchasing of ships by Mount Vema Corporations, after His Mount Vema Majesty King Peter – The Vema Seamount Authority approved the proposed bid submitted last week.
The news will enable the government to accelerate the availability of capital, so companies can finalize deals to purchase ships before the end of the year. The approval comes after a consortium of Mount Vema companies and W-Contractors submitted a bid last week to secure enough capital to purchase a fleet of ships.
Negotiations that typically take months due to the complexity of the contracts, was settled in a matter of days, after the Vema Seamount Authority got involved, to negotiate the required contracts in less than two weeks.
Representatives of the Vema Seamount Authority responsible for budget will now proceed to appropriate funds to purchase the required number of ships to stay on schedule. W-Contractors who already initiated procurement was pleased with the final deal.
With the bid approved, expenditures are expected to near 1 billion golles (about $2 billion USD) in total, significantly more than the original estimate last year.