16 Jan 2009 07:00
16 January 2009
Novolipetsk Steel completes the disposal of its stake in Tuapse Seaport
Further to the announcement made on December 9, 2008, NLMK has completed the disposal of its 69.41% share in OJSC Tuapse Seaport (TMTP) to Universal Cargo Logistics Holding B.V. (UCLH).
The transaction values NLMK's stake at RUR 7,105,155,057 (about USD254 million), or RUR 1.17 per TMTP ordinary share.
Cash generated from the disposal of NLMK's TMTP stake will be used to repay short-term debt and help fund the company's current investment projects.
The agreement with NLMK envisages that Universal Cargo Logistics Holding B.V. will make an offer to NLMK minority shareholders to acquire TMTP shares at RUR 1.17 per share on a pro rata basis in accordance with their NLMK shareholding as of the date when Universal Cargo Logistics Holding B.V. acquires NLMK stake in TMTP. This proposal will enable NLMK shareholders to maintain their interest in Tuapse Seaport (TMTP) through UCLH.
Universal Cargo Logistics Holding B.V. also intends to offer to buy TMTP shares from TMTP private minority shareholders at RUR 1.17 per share.