Login Delo acquires 64.26% stake in Sakhalin's Korsakov Commercial Sea Port

MOSCOW. July 17 (Interfax) - Login Delo LLC has closed a deal to acquire 64.26% of shares in the Korsakov Commercial Sea Port (KMTP) on Sakhalin Island in Russia's Far East, the company reported.

"Having experience with successful investment in stevedoring assets, Login Delo's team intends to focus on the development of KMTP with the goal of establishing a logistics hub, including to serve Sakhalin oil and gas projects, fish processing and the cruise fleet," the company said in a press release.

Login Delo did not comment on the price it paid for the controlling stake in KMTP.

Login Delo LLC, which was founded by Sergei Shishkarev but has been wholly owned by the personal fund Skazki Pushkina Segodnya since June, acquired five companies on July 15: Buksir LLC, Transportnaya Logistika LLC, Yeva LLC, Morts LLC and Morskoi Pavilyon LLC, data from the Unified State Register of Legal Entities showed. The previous sole owner of these Korsakov-based companies was Lyudmila Mikheyeva.

The completion of the deal to acquire the main operator at the Korsakov seaport, KMTP, was previously reported by the press service of Deputy Prime Minister Yury Trutnev, who is the presidential envoy to the Far East Federal District. The modernization of the Korsakov port, which will be handled by Login Delo, was discussed at a meeting of the Sakhalin regional government that Trutnev held last Thursday in Yuzhno-Sakhalinsk, it said.

The project is expected to include repairs and upgrades to specialized port equipment, and restoration work on berths, cargo storage areas and transport infrastructure accessing the port, as well as optimization of port management systems and a significant increase in the cargo base.

The Sakhalin regional government and Login Delo signed an agreement to cooperate on the Korsakov port's development at the St. Petersburg International Economic Forum in June. The regional government, citing Shishkarev, said at the time that the deal to acquire a controlling stake in KMTP was in the final stage.