VII International forum
“Marine Industry of Russia”
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24-25 May 2017
 
Forum bulletin


The Sale of Yeisk Seaport Formally Confirmed

April 02, 2010

OAO Sovfrakht confirmed the sale of 53.2% of shares of OAO Yeisk Seaport by affiliates of the group. OOO TTDKh is a new owner of the port.

According to the source of SeaNews, the transaction was closed in the middle of March. At the moment, the General Director of YSP is Andrey Panychev, representative of the new shareholder.

It is a reminder that TTDKh showed interest in YSP before Sovfrakht came to the port. The former port administration treated this interest as “a forcible takeover attempt”. Then TTDKh was going to reconstruct its food liquid bulk terminal in order to fit it for black oil fuel transshipment.

Approximate transaction cost is to amount RUR 42-45 mln. “The stock of shares is to amount to RUR 33-38 mln, the rest of the sum is likely to be bonus for sale of a stock exceeding the control stake, and by results of 2009 the port showed good production results,” says the leading expert of Finam Management Dmitry Baranov. “Probably, Sovfrakht estimated future trends to be unobvious and made a decision on quitting.”

According to SeaNews, the port cargo turnover in 2009 amounted 1.5 mln tons which is 28.7% more than in 2008. On two months results, the cargo turnover exceeded 148.8 ths tons which is 13.7% as compared to the previous year.

Source: SeaNews

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