NCSP completes acquisition of PTP
Novorossiysk Commercial Sea Port (PJSC NCSP) has completed the acquisition of 100 percent of participation interest in authorized capital of Primorsk Trade Port LLC (PTP). The agreement between the buyer –PJSC NCSP and the seller, sole stockholder of PTP LLC - Cyprus-headquartered Omirico Limited, was signed today, Jan. 21, 2011, the NCSP’s press release said.
Omirico Limited, jointly controlled by JSC Transneft and Mr. Ziyavudin Magomedov, notified PJSC NCSP of the acquisition on Jan. 21, 2011 of 100% of outstanding stocks of Novoport Holding Ltd, which owns a 50.1-percent stake in PJSC NCSP.
"Acquisition of the second largest port in Russia in terms of cargo turnover, by all means, constitutes a transformational transaction for NCSP allowing it to increase the scale of operations, diversify geographic reach, reduce the volatility of cargo traffic, gain access to new transport routes and markets, and provides more headroom for organic growth," NCSP’s press service quoted the company’s CEO Igor Vilinov as saying.
Earlier reports said that in order to partially finance the transaction, NCSP has attracted a $1,95m credit facility from Russian Sberbank for the 7-year period.
Novorossiysk Commercial Sea Port is the largest Russian port operator. NCSP shares are traded on Russia's RTS and MICEX exchanges (Ticker: NMTP) and on the London Stock Exchange (Ticker: NCSP) in the form of GDRs (1 GDR representing 75 shares). NCSP Group incorporates seven stevedore companies, PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
In 2009, NCSP Group's cargo throughput totaled 86,5m tons. The company’s net income (IFRS) reached $252.2m, consolidated revenue - $675.1 million.
Primorsk Trade Port LLC is the largest stevedore operating at the Port of Primorsk located on the Baltic Sea to the northwest of St. Petersburg. Port of Primorsk, the major Russian oil port and the terminus of the Baltic Pipeline System, enabling bulk of crude oil exports in the North-West of Russia. In 2009 PTP LLC handled 75,895,200 tons of export crude oil.