NCSP privatization plans remain unchanged in 2017, options for sale under discussion - Pristanskov
MOSCOW. April 21 (Interfax) Plans to privatize Novorossiysk Commercial Sea Port (NCSP) remain unchanged in 2017, whether it will be sold on the stock exchange or offered to a strategic investor is currently being discussed, the head of the Russian Federal Property Agency (Rosimuschestvo), Dmitry Pristanskov, told journalists.
"We are currently working with investment consultants. We must initially determine the form the sale of this asset will take," Pristanskov said. Asked whether the government's stake in the company will be sold on the stock exchange or to a strategic investor, he said: "I don't have an answer for that at the moment."
NCSP is one of the largest stevedores in Russia. The state owns a 20% stake in NCSP and Novoport Holding, which Transneft and Summa own on an equal footing, own a 50.1% stake in the company. Transneft also owns 10.5% of the company's shares through a subsidiary and Summa holds 2.75%. Russian Railways (RZD) own 5.3%.
At the end of September Interfax sources said that the pipeline monopoly was ready to sell the stake on the balance sheet of its subsidiary to Summa. Transneft is also prepared to part with its share in Novoport Holding. Russian Direct Investment Fund may help Transneft find a buyer for the stake at Novoport Holding, which in particular has a JV with a port operator from the UAE, DP World, with an announced investment potential of $2 billion.
The Economic Development Ministry had earlier said the government's stake and Transneft's stake in NCSP could be sold together. Transneft First Vice President Maxim Grishanin had said in April that Transneft is not currently holding talks on the sale of its stake in NCSP and the government does not yet have a final position.
Sberbank CIB is the agent for the privatization of the government's stake in NCSP.