Vanino Port’s majority stake to be auctioned off
VTB Capital (an authorized agent for the sale of state-owned shares in Vanino Commercial Sea Port) has posted the invitation to bid for 74,195 ordinary shares, which represent 55% of share capital in OJSC Vanino Commercial Sea Port. The bids should be submitted to VTB Capital prior to November 29, 2012 from 10:00 to 18:00 (Moscow Time), the agent press release said.
The minimum price for the stake should be set no later than 29 October 2012 and will be announced to submitters in letters. Also, the Agent reserves the right to revise the price at any time prior to the date of the auction, in a written notification.
After submitters receive Pre-Solicitation Notice they should submit their qualification documents to the Agent no later than November 29, 2012 18:00 (MT), VTB Capital said.
In July 2011, Rosimushchestvo had to terminate the purchase agreement with LLC Seltehstroy, the winner of the auction held in May 2011, which failed to pay RUB 10.82 billion for the 55% stake in due time.
JSC Vanino Commercial Sea Port (Port Vanino) is the major stevedore company of the Port of Vanino based in Khabarovsk Territory. The company is a successor of the Vanino port founded in 1943. The Russian Government holds a 55-percent stake in the company. The port is a gateway for trade flows between Russia and Japan, South Korea, China, Australia, USA and other countries of Asia Pacific Region. Vanino also handles imports shipped to the northern regions of Russia. The Port Vanino owns the 2.5-km-long waterfront featuring multipurpose and specialized terminals, 16 berths, outdoor / indoor warehouses and handling equipment. The berths depth enables the port to accommodate 45,000dwt vessels. The company also operates a fleet of workboats, tugs, carrying out mooring operations, transporting passengers and supplying merchant ships with water. In 2011, cargo throughput at Port Vanino terminals shrank 1.7% to 5.9 million tons. In 2011, Port Vanino reported net income of RUB 339.4 million, a 3.9-times growth year-over-year.
