RF Government signs a decree on transfer of 50.34% of Novoship to Sovcomflot’s registered capital
Mikhail Fradkov, RF Prime Minister has signed a decree on transfer a 50.34% stake in Novoship (Novorossiisk Shipping Company) to Sovcomflot (Modern Commercial Fleet) as payment for Sovcomflot's additional shares, the Cabinet’s press center reports according to RBC. All necessary legal activities are to be undertaken by December 15, 2007.
On June 20, 2007, President Vladimir Putin signed a decree according to which new shipping company to be based on the basis of Sovcomflot OJSC and Novoship OJSC will be registered in St. Petersburg. A corresponding amendment was introduced into the list of strategic enterprises and joint stock companies, approved by the Presidential Decree N1009 dated August 4, 2004. Besides, Novorossiisk Shipping Company is excluded from thelist (50.34%). The document is effective from the moment it is signed. In March 2007, the Ministry of Economic Development and the Ministry of Transport approved the principles according to which the merge is to be arranged. State-owned package of Novoship’s shares is to be transferred to Sovcomflot’s registered capital, thus forming the largest Russian shipping company. Both companies are to have the status of two separate legal entities operating under one brand. Novoship will continue paying taxes to the budget of Krasnodar region being registered in Novorossijk.
Early in September 2006, RF Transport Ministry proposed privatization of Novoship’s 252 million 288 thou 536 ordinary shares, which makes 50.34% of the company’s authorized capital. The value of the new company is estimated at some $3.4 billion.
Sovkomflot is 100% stat-owned. It specializes in marine transportation of energy products. The companyoperates 56 vessels totalling 4.36 m dwt including 43 tankers of 4.15 m dwt as well as 8 dry cargo carriers, 4 gas carriers and one passenger vessel. In 2007 the company is to acquire 6 new vessels with total deadweight of 469 thou tonnes. All the tankers operated by Sovcomflot have double hulls. Average age of the company’s oil fleet is below 5 years.