Novorossiysk Commercial Sea Port consolidated 100% stock of the “Baltic Stevedore Co.”
Novorossiysk Commercial Sea Port (LSE: NCSP, PTC: NMTP, MCSE: NMTP) announces acquisition of the remaining 50% stock of the “Baltic Stevedore Co.” (BSC), which specializes on container cargo and is the first project of NCSP in the Northwestern basin.
Transaction amounted $10 million 750 thousand which is comparable to the market value of 50% of “Baltic Stevedore Co.” estimated by an independent evaluator. This makes NCSP, which bought out initial 50% stock of BSC in 2006, the single owner of the company.
Igor Vilinov, CEO of NCSP, said: “The transaction has been effected as part of our strategy aimed at enhancing our presence in the northwestern region and shipment of highly remunerative cargo. Consolidation of 100% stock of “Baltic Stevedore Co.” shall maximize the efficiency of company management and implementation of the program on increasing its cargo turnover up to 300,000 TEU by 2010”.
NCSP
NCSP operates primarily at the Port of Novorossiysk (the "Port"), a multi-purpose, yearround, deep-water port located on the Russian shore of the Black Sea which has geographic, topographic and infrastructure advantages in comparison to ports and potential port sites in the Black Sea-Azov basin. The Port is Russia's largest sea port in terms of cargo turnover volume according to the Association of Russian Sea Ports, and Europe's fifth largest commercial sea port by cargo volume in 2005, according to Global Insight/ISL.
NCSP is a key Southern gateway for the import and export of a wide range of cargoes to and from the Russian economy (including oil, oil products, timber, grain, fertilizers, ferrous metals, containers, automobiles and general cargo). NCSP handles approximately 20% by volume of cargoes shipped through Russian sea ports according to the Association of Russian Sea Ports.
During 2006, NCSP consolidated its shareholdings in the majority of other operators and stevedores in the Port.
For further information:
Alexander Rybin
Vice President, Corporate Finance and
Investors Relations
Tel.: + 7 (495) 783-5444
Rybin@nmtp.info
Maria Kakturskaya
PR Director
Tel.: + 7 (495) 783-5444
kakturskaya@nmtp.info