7 Feb 2011 12:49

NCSP shareholders restricted to 2.6% share sale

MOSCOW. Feb 7 (Interfax) - The shareholders in Novorossiysk Commercial Sea Port (NCSP) who voted against the company's purchase of Primorsk Commercial Sea Port or did not take part in the voting have offered up 9% of company shares for purchase at 4.9 rubles per.

NCSP would therefore be expected to expend 8.5 billion rubles. But, as reported, the company may not spend more than 2.5 billion rubles under the law, which restricts share buy-up spending to 10% of asset value. That means NCSP will buy up roughly 2.6% of its own shares.