Russian Economic Development Ministry having considered the results of proposals submitted by investment banks that would willing to perform functions of the seller (the sale organizer) of federally-owned shares of PJSC Novorossiysk Commercial Sea Port (NCSP) announced it had chosen UBS Bank Ltd.
The Russian Government had planned to sell a 20-percent stake in NCSP back in 2003. Then the company was added to the list of the federal strategic assets. Since then, the government was repeatedly planning to sell the stake, but each time postponed the auction. Now this asset is in privatization plan for 2011-2013. However, the sale time is not known.
Main contenders for the NCSP are Summa Group of Ziyavudin Magomedov and state-owned Transneft – its JV last year bought a 51% stake in the port.
The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, Primorsk Trade Port Ltd. (since 2011), OJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NovorosLesExport, OJSC IPP, Baltic Stevedoring Company Ltd.
UBS Bank Ltd., a Russian subsidiary of UBS AG, began its work in December 2006. The sole member of UBS Bank Ltd. is UBS AG, a legal entity registered in accordance with the laws of Switzerland.