Novorossiysk Commercial Sea Port OJSC acquires 50% of Lomonosov Cargo Terminal CJSC for EUR 77 mln

Novorossiysk Commercial Sea Port (NCSP OJSC) has announced acquisition of shares of Lomonosov Cargo Terminal CJSC. According to the company’s release, (NCSP OJSC) purchased 50 shares making 50% of the company’s authorized capital. The transaction was signed on May 1 2008 with the maturity on August 1 2008. The seller was Frameno Limited, guarantor - Terminal Investment Limited. The transaction value is said to be EUR 77 million. It was approved by NCSP BOD on April 25, 2008.

Lomonosov Cargo Terminal CJSC is a successor of Yantar CJSC having been implementing the project on construction of a container terminal in Lomonosov from 2003. In 2007, Mediterranean Shipping Company announced it participation in the project.

Novorossiysk Commercial Sea Port (NCSP OJSC) is the largest stevedoring company operating at the port of Novorossiysk. Beneficiaries of the company’s control stake are Aleksandr Ponomorenko (Chairman of NCSP BOD) and Aleksandr Skorobogatko (Deputy of State Duma). In November 2007, NCSP held IPO at London Stock Exchange and in Russia having placed 19.38% of shares. The port’s 5% were purchased by TransCreditBank in the interest of RZD OJSC.