Novorossiysk Commercial Sea Port to buy 100 pct stake in Primorsk Terminal, 新罗西斯克（诺沃罗西斯克）商业海港
Release Date: 2010-09-16
The Novorossiysk Commercial Sea Port Group (LSE: NCSP, RTS and MICEX: NMTP) announces the preparation to acquire 100% of ownership in Primorsk Commercial Port LLC in the framework of implementing its investment and development strategy to diversify and expand its business.As a result of the transaction, it is expected that NCSP Group will integrate the largest port operator in crude oil handling in Russia. Combining the capacities of Novorossiysk and Primorsk ports will allow creating the largest stevedoring company in Russia.
The transaction to acquire 100% ownership of Primorsk Commercial Port LLC is conditional on the sale of the controlling stake in PJSC NCSP by its controlling beneficiary owners to the beneficiary owners of Primorsk Commercial Port LLC – the OAO Transneft and Investment Group Summa Capital.
The final documentation and terms of the transaction have not been agreed presently.
According to the applicable legislation this transaction is subject to approval by the Board of Directors and the General meeting of shareholders of PJSC NCSP. The acquisition of ownership (charter capital) in Primorsk Commercial Port LLC has to be approved by the Federal Antimonopoly Service (the FAS of Russia) and the Government Commission for Control of Foreign Investments in the Russian Federation, chaired by the Prime Minister of the Russian Federation. Respective documentation is being prepared by the management of PJSC NCSP and shall be submitted to the FAS of Russia and to the Board of Directors of PJSC NCSP.
The transaction to acquire the controlling stake in PJSC NCSP also has to be approved by the state regulators – the FAS of Russia and the Government Commission for Control of Foreign Investments in the Russian Federation. It is assumed that the transactions are to be implemented simultaneously.
| Type: | NORMAL |
| Company: | 新罗西斯克（诺沃罗西斯克）商业海港 |
| Country: | 俄罗斯 |