NCSP decides against purchasing more shares in Novorossiysk Ship-Repair Plant
MOSCOW. Feb 22 (Interfax) - OJSC Novorossiysk Commercial Seaport (NCSP) will not increase its stake in OJSC Novorossiysk Ship-Repair Plant (NSRZ), NCSP said in a statement.
The stevedore company currently owns 57% of the common shares in NSRZ (65.17% of charter capital). NCSP filed an application in November 2011 with Russia's Federal Antimonopoly Service (FAS) to acquire an additional 40.37% in NSRZ. The service approved the application on February 22.
However, despite the regulator's approval, the port company does not plant to purchase shares in NSRZ. The statement said that NCSP would be interested in acquiring the share packet as part of its consolidation efforts but now negotiations between the facility's owners are still not underway.
The second major owner in NSRZ is OJSC United Shipbuilding Corporation with 30.28% of common shares.
A source on the port service market told Interfax that NCSP had decided against the purchase since it had not reached an agreement with the other owners in NSRZ about the price.
Novorossiysk Commercial Sea Port (NCSP) is Russia's biggest port operator and the third largest in Europe in terms of cargo turnover. Novoport Holding has 50.1% of its stock (the holding is owned on parity terms by Transneft and Summa owner Ziyavudin Magomedov. Russia's federal state property fund Rosimushchestvo holds 20%, and Russian Railways manages 5%.
The group's cargo handling came to 157 million tonnes in 2011. The company's consolidated sales revenue according to international financial reporting standard (IFRS) came to $782 million for January-September. EBITDA came to $403.8 million.
