SUEK, Alfa Capital Holdings ready to fork out RUB 2.2 bn for Murmansk port stake
Raiffeisen Investment Ltd., on October 29, 2012 finalized the selection bidders for the state-owned stake in JSC Murmansk Sea Commercial Port (25.5001% of the authorized share capital), the company said.
The maximum offer made by a consortium of OJSC SUEK and Cyprus-headquartered Alfa Capital Holdings Limited, has exceeded the market value determined by an independent appraiser, by 67% (market value – RUB 1 billion 320 million), amounting to RUB 2.2 billion.
At the final stage of the bidders selection four companies took part, united in two consortia: a consortium of OJSC SUEK and Alfa Capital Holdings, and the consortium of OJSC NOMOS-BANK and CJSC MC Universal. OJSC SUEK and Alfa Capital Holdings Ltd. offered RUB 57,272 per share, or 2.2 billion rubles for the entire stake.
The selection process started on March 1st. The buyer, the price and other terms of the transaction are to be approved by the Russian Government.
The order for sale of 25.5% of state-owned shares of Murmansk Sea Commercial Port was signed on April 17, 2012 by the then Russian Prime Minister Vladimir Putin. Early this year, SUEK had acquired a majority interest in the stevedoring company.
OJSC Murmansk Commercial Seaport was founded in 1994. MCS operates 17 berths of total length of about 3 km. The waters depths allow the port to accommodate vessels with draft of 15.5 m and length of more than 265 m. The stevedore specializes in handling ranged cargoes, including non-ferrous metals and alloys in packages, rolled ferrous metals, coal, apatite concentrate, alumina, and scrap and iron ore pellets in bulk, chemical products in bags and big-bags, construction cargo and foodstuff. In 2011, net income of the company fell 30.2% year-over-year to RUB 138,534,000, revenue – by 3.7% to RUB 1,403,254,000, cargo throughput totaled 14,420,033 tons.
