Gulftainer might close sale of stake in Transport Logistics Complex in April
ST. PETERSBURG. April 3 (Interfax) - Gulftainer of the United Arab Emirates might soon close the sale of its stake in OJSC Transport Logistics Complex, which was created by the shareholders of OJSC Ust-Luga Company, Ust-Luga chairman Valery Izrailit told reporters on Tuesday.
"I think that it will already be closed in April," he said, adding that he met with representatives of the company in Dubai in March.
Izrailit said all the differences between the parties were worked out in the negotiations, but he did not specify the nature of the disagreements or the amount of shares being sold and the price of the deal.
He also said Gulftainer hired PricewaterhouseCoopers Legal CIS. B.V. as independent appraiser.
Ust-Luga Company and Gulftainer Global Logistics Limited agreed in September 2011 to jointly develop the transport and logistics complex at the Ust-Luga seaport. Gulftainer was expected to acquire a blocking stake in Transport Logistics Complex.
Transport Logistics Complex was founded in January 2012, according to the SPARK-Interfax database. The shareholders' stakes in the company are proportionate to their stakes in Ust-Luga: offshore firm holds 23.06%, the Leningrad Region government holds 20.99%, RWM Asset Management holds 19.19%, CJSC Novye Resursy holds 16.82%, Transcreditbank holds 12.79% and Russian Railways (RZD) holds 7.15%.
The Ust-Luga port is being built in Luga Bay in the Gulf of Finland. Ust-Luga Company is coordinating the raising of investment for construction and creating entities to build terminals. The port will specialize in storage and transfer of coal, general and bulk cargo, forest products and containers, which will be handled at 12 terminals.
