NCSP sells non-core assets

4 Jun 2008 09:40



Press-release

Novorossiysk Commercial Sea Port sells non-core assets

June 04, 2008

Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) ("NCSP") announces the sale of non-core assets of the company. 

According to the resolution of NCSP's Board of Directors a number of sale contracts were signed for an overall amount of 999,3 mln. rubles. Among the non-core assets sold by NCSP and its subsidiaries (NSRZ, NCSP Fleet) are two ordinary shares of NR Air Ltd (100% of share capital), 1000 ordinary registered shares of OJSC "City Park" (10% of share capital), 24355 ordinary registered shares of OJSC "Project Office Pokrovskiy" (12,74% of share capital). 

NCSP

Novorossiysk Commercial Sea Port (NCSP) is Russia's largest sea port operator by cargo turnover, according to Association of Sea Ports. NCSP`s total cargo turnover in 2007 amounted to 79,4 mln. tons, according to consolidated results. NCSP is listed on London Stock Exchange and Russian stock exchanges RTS and MICEX. In 2007 NCSP had revenues of $483,4 mln. with EBITDA of $227,9 mln. and net profit of $93,7 mln. (consolidated results).

NCSP is the largest stevedore company of port Novorossiysk, a multi-purpose deep-water port complex located on the Black Sea, which provides year-round navigation. The port is a key Southern gateway for import and export of a wide range of cargoes (including oil, oil products, timber, grain, fertilizers, ferrous metals, containers, automobiles and general cargo). In 2007 NCSP has transshipped about 96% of all port Novorossiysk cargo.

NCSP owns the following stevedore companies: NZT Grain Terminal, NSRZ Ship Repair Yard, NCSP Fleet, NLE Timber & Container Terminal, IPP, Baltic Stevedore Co. 

For further information: 

Tel: + 7 (495) 783-5434 

PR@nmtp.info 

IR@nmtp.info