SovFracht OJSC, the major company of the SovFracht-SovMorTrans Group, pulled out of Yeysk Seaport OJSC selling its 53.2% stake in the Port to the Group subsidiaries, SovFracht statement said.
SovFracht reminded it acquired through its subsidiaries a large holding of stock in Yeysk Seaport in 2008. The SovFracht optimization program focused on the handling of grain and coal. In 2009 the port reached its maximum throughput in these categories, the issue of additional traffic volumes emerged.
The Company management had been in talks with several major freight owners to attract new traffic flows to Yeysk. Eventually, the negotiations failed and we decided to pull out, Andrew Shtyrba, managing director of Sovfracht Management Company said. “We have received an adequate price offer for the stake. However, the Azov Sea is a strategic region for the Group. Hopefully, we will soon announce new investments project in this region", Mr. Shtyrba was quoted as saying.
In two recent years, under the management of SovFracht, Yeysk sea port throughput increased by 30%. In August-September 2009 there was a record freight volume in the port’s entire 150-year history, Andrew Shtyrba said. Mr. Shtyrba declined to go into details of the deal.
SovFracht reminded it acquired through its subsidiaries a large holding of stock in Yeysk Seaport in 2008. The SovFracht optimization program focused on the handling of grain and coal. In 2009 the port reached its maximum throughput in these categories, the issue of additional traffic volumes emerged.
The Company management had been in talks with several major freight owners to attract new traffic flows to Yeysk. Eventually, the negotiations failed and we decided to pull out, Andrew Shtyrba, managing director of Sovfracht Management Company said. “We have received an adequate price offer for the stake. However, the Azov Sea is a strategic region for the Group. Hopefully, we will soon announce new investments project in this region", Mr. Shtyrba was quoted as saying.
In two recent years, under the management of SovFracht, Yeysk sea port throughput increased by 30%. In August-September 2009 there was a record freight volume in the port’s entire 150-year history, Andrew Shtyrba said. Mr. Shtyrba declined to go into details of the deal.