Russias largest sea port prepares SPO.

By bne IntelliNews October 30, 2012
Russia's largest sea port Novorossiysk Sea Trade Port (NMTP) is planning to hold SPO of the 20% of its shares held by the state, Reuters reports citing the sources close to the deal. The deal is planned to be closed in early November, shares to be placed on LSE and in Russia. Currently 20% of NMTP is valued at USD 346mn in London. In a summary of expert opinions published by RBC, shares of the port are seen as undervalued and high demand for the placement is expected. 50% stake in the port is held by Novoport Holding (affiliated with state oil pipelines monopoly Transneft), 20% is held by the state, 5% by Russian Railways and the rest free floated in London and Moscow. Port's IFRS net profit in H1/12 declined by 37% y/y to USD 141mn, revenues increased by 9.5% y/y to USD 541mn.

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