12th Feb 2008 08:26
PJSC Novorossiysk Comm. Sea Port12 February 2008 Press Release Novorossiysk Commercial Sea Port consolidated 100% stock of the "Baltic Stevedore Co." February 11th, 2008 Novorossiysk Commercial Sea Port (LSE: NCSP, PTC: NMTP, MCSE: NMTP) announcesacquisition of the remaining 50% stock of the "Baltic Stevedore Co." (BSC),which specializes on container cargo and is the first project of NCSP in theNorthwestern basin. Transaction amounted $10 million 750 thousand which is comparable to the marketvalue of 50% of "Baltic Stevedore Co." estimated by an independent evaluator.This makes NCSP, which bought out initial 50% stock of BSC in 2006, the singleowner of the company. Igor Vilinov, CEO of NCSP, said: "The transaction has been effected as part ofour strategy aimed at enhancing our presence in the northwestern region andshipment of highly remunerative cargo. Consolidation of 100% stock of "BalticStevedore Co." shall maximize the efficiency of company management andimplementation of the program on increasing its cargo turnover up to 300,000 TEUby 2010". NCSPNCSP operates primarily at the Port of Novorossiysk (the "Port"), amulti-purpose, year-round, deep-water port located on the Russian shore of theBlack Sea which has geographic, topographic and infrastructure advantages incomparison to ports and potential port sites in the Black Sea-Azov basin. ThePort is Russia's largest sea port in terms of cargo turnover volume according tothe Association of Russian Sea Ports, and Europe's fifth largest commercial seaport by cargo volume in 2005, according to Global Insight/ISL. NCSP is a key Southern gateway for the import and export of a wide range ofcargoes to and from the Russian economy (including oil, oil products, timber,grain, fertilizers, ferrous metals, containers, automobiles and general cargo).NCSP handles approximately 20% by volume of cargoes shipped through Russian seaports according to the Association of Russian Sea Ports. During 2006, NCSP consolidated its shareholdings in the majority of otheroperators and stevedores in the Port. For further information: Alexander RybinVice President, Corporate Finance andInvestors Relations Tel.: + 7 (495) 783-5444 [email protected] Maria KakturskayaPR Director Tel.: + 7 (495) 783-5444 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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