Mechel sells most of Vanino Port stake, retaining just 1.5% of common shares
MOSCOW. Jan 21 (Interfax) - The Mechel steel and coal group has sold most of the 73.3% of common shares (55% of charter capital) in OJSC Vanino Commercial Sea Port it recently bought from the government to Russian and foreign investors, retaining only about 1.5% of common shares, the group said in a statement.
The shares were sold by LLC Mechel Trans according to the terms of the financing for the acquisition of the whole state stake.
The company said "investors are not interested in transhipping their products through Port Vanino, which will enable Mechel to use the port's entire capacity in the company's interests."
LLC Mechel Trans bid 15.5 billion rubles or ten times the starting price at an auction for the stake in December. Mechel has said it bid in the auction as part of a consortium of Russian and foreign investors and had agreed with them to fund the deal on a debt-free basis provided Mechel would run the port. Mechel has not yet named its partners.
