NSCP BoD vote to pull out of Novorossiysk Grain Terminal
The Board of Directors of Novorossiysk Commercial Sea Port jsc (NCSP Group) has approved the decision to pull out of Novorossiysk Grain Terminal (NGT), the Group said in a press release.
On February 14 NCSP reported that VTB Bank and Novorossiysk Commercial Sea Port reached an agreement and signed binding documents on the acquisition by VTB Group of 100% of Novorossiysk Grain Terminal LLC.
The share sale deal is scheduled to be closed Q2, 2019, and it received a permit from the regulatory authorities.
Novorossiysk Grain Terminal specializes in handling grain and oilseed cargo in the Port of Novorossiysk. The facility is one of the largest dedicated terminals in Russia for handling grain exports.
NCSP Group is the largest port operator in Russia by cargo turnover. PJSC Transneft is the controlling shareholder (62%) of PJSC NSCP.
NCSP Group is traded on Moscow Exchange (NMTP) and London Stock Exchange as GDRs (NCSP). NCSP Group volumes in 2018 totaled 140.2 million tons. NCSP Group consists of: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, LLC Novorossiysk Grain Terminal, JSC Novorossiysk Ship Repair Yard, JSC NCSP Fleet, JSC NLE, LLC IPP, Baltic Stevedore Company LLC, and JSC SFP.