Unknown investors buy Magadan Commercial Sea Port
MAGADAN. Feb 14 (Interfax) - A group of Russian investors has closed a deal to buy the Magadan Commercial Sea Port, one of the buyers, businessman Valentin Kuzakov told Interfax.
"No organization is behind this deal. The buyers are private individuals, I'm one of them," Kuzakov said.
He said each investor has a stake of 24.5%. The main strategy is to modernize the port and increase cargo turnover. The price and terms of the deal have not been disclosed.
"This asset seems very attractive to us, which is why we decided to invest money in it," Kuzakov said.
He also said that the port would see "certain staff changes, but not substantial" ones.
OJSC Magadan Commercial Sea Port's list of affiliates shows that at the end of 2012 company chairman Andrei Zinchenko owned 97.75% of shares (97.92% of common shares) in the port.
Zinchenko, in an interview with Interfax, confirmed that he had sold his stake in the port to four investors.
Kuzakov previously headed the Magadan branch of Polymetal , Russia's largest silver producer and No. 2 gold miner. He is now chairman of Kolymavzryvprom, which makes explosives for the mining and construction industries.
Magadan Commercial Sea Port is the biggest port on Russia's northeast coast, and operates year-round, with ice escort in the period from November through May. Most of the cargo handled by the port is fuel and other cargo for the city's needs.
Marine shipping is of vital importance for the delivery and shipment of cargo to and from the region. About 99% of cargo in and out of the region is carried by ship, including 100% of solid and liquid fuel, heavy machinery and construction materials.
