NCSP stockholders approve acquisition of Primorsk Trade Port

Stockholders of PJSC Novorossiysk Commercial Sea Port Group have approved at the Extraordinary General Meeting held on Dec. 16, 2010 in the form of absentee voting the acquisition of 100% of participation interest in Primorsk Trade Port LLC from Omirico Limited, the sole shareholder of Primorsk Trade Port LLC, the Group’s press release said. The EGM also considered and endorsed a bank debt financing to be obtained NCSP in order to fund a portion of the purchase price payable for acquisition of 100% of participation interest in Primorsk Trade Port LLC.

Commenting on the EGM results CEO of PJSC NCSP Igor Vilinov said: «I am really pleased by the fact that 72.8% of all disinterested NCSP shareholders who voted at the EGM have cast their votes to approve the proposed acquisition of 100% of participation interest in Primorsk Trade Port LLC, partially funded by bank debt financing».

Novorossiysk Commercial Sea Port Group is the largest Russian port operator. The NCSP shares are listed on the Russ. RTS and MICEX (ticker NMTP), on the London Stock Exchange (in the form of GDR, ticker: NCSP). In 2009 the NCSP Group’s throughput amounted to 86.5 million tons. Consolidated revenues of the Group (IFRS) for 2009 totaled $675.1 million, net income - $252,2 million.
The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.