NCSP, PCP eye merger into a single Group of companies
Novorossiysk Commercial Sea Port Group (NCSP) has announced the transaction to acquire a 100-percent equity stake in Primorsky Commercial Port LLC as part of an earlier approved investment strategy of development, diversification and consolidation of the Group’s business, the NCSP statement said. The NCSP expects the merger deal will result in integration of the Russian largest oil operator into the Group.
The combining of capacities of Novorossiysk and Primorsky ports would lead to creation of the largest Russia’s stevedoring company. The agreed terms of the transaction (acquisition of a 100-percent stake in Primorsky Commercial Port LLC) include the sale by the controlling beneficial owners of the NCSP's controlling stake to the beneficially owners of Primorsky Commercial Port’s stake (Transneft JSC and Investment Group Summa Capital).
The terms of the transaction have not yet been disclosed. In accordance with current Russian legislation, the deal must be approved by the Board of Directors and the NCSP’s general stockholders' meeting. Acquisition of shares in the authorized capital of PCP must be approved by the Federal Antimonopoly Service and the Government Commission for Control of Foreign Investments in the Russian Federation headed by the RF Prime Minister. Relevant documents are being prepared by the NCSP managers and will soon be submitted to the FAS and the NCSP’s Board.
The acquisition of the NCSP’s controlling stake will also require the approval of state agencies (FAS and the Government Commission for Control of Foreign Investments in the Russian Federation). These transactions are expected to be carried out simultaneously.
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 $675.1m, net income - $252,2m
The NCSP Group incorporates the following stevedore companies: Novorossiysk Commercial Sea Port OJSC, Novorossiysk Grain Terminal OJSC, Novorossiysk Shipyard OJSC, NCSP Fleet OJSC, NovorosLesExport OJSC, IPP OJSC and Baltic Stevedoring Company
Primorsky Commercial Port LLC is the largest stevedoring company in the North-West Federal District, providing cargo handling services to the oil companies, transshipping crude oil transported via the Baltic pipeline system. In 2009, the volume of crude oil handled by PCP reached 74,895,200 tons.
The combining of capacities of Novorossiysk and Primorsky ports would lead to creation of the largest Russia’s stevedoring company. The agreed terms of the transaction (acquisition of a 100-percent stake in Primorsky Commercial Port LLC) include the sale by the controlling beneficial owners of the NCSP's controlling stake to the beneficially owners of Primorsky Commercial Port’s stake (Transneft JSC and Investment Group Summa Capital).
The terms of the transaction have not yet been disclosed. In accordance with current Russian legislation, the deal must be approved by the Board of Directors and the NCSP’s general stockholders' meeting. Acquisition of shares in the authorized capital of PCP must be approved by the Federal Antimonopoly Service and the Government Commission for Control of Foreign Investments in the Russian Federation headed by the RF Prime Minister. Relevant documents are being prepared by the NCSP managers and will soon be submitted to the FAS and the NCSP’s Board.
The acquisition of the NCSP’s controlling stake will also require the approval of state agencies (FAS and the Government Commission for Control of Foreign Investments in the Russian Federation). These transactions are expected to be carried out simultaneously.
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 $675.1m, net income - $252,2m
The NCSP Group incorporates the following stevedore companies: Novorossiysk Commercial Sea Port OJSC, Novorossiysk Grain Terminal OJSC, Novorossiysk Shipyard OJSC, NCSP Fleet OJSC, NovorosLesExport OJSC, IPP OJSC and Baltic Stevedoring Company
Primorsky Commercial Port LLC is the largest stevedoring company in the North-West Federal District, providing cargo handling services to the oil companies, transshipping crude oil transported via the Baltic pipeline system. In 2009, the volume of crude oil handled by PCP reached 74,895,200 tons.
