FAR EASTERN SHIPPING CO (Fesco) has sold its 50 per cent stake in the National Container Company (NCC) to "the company, which is founded and headed by Andrey Kobzar, long-time partner of First Quantum Group" for US$900 million, according to Fesco and First Quantum oil trader, which owns half of NCC.
"Fesco and First Quantum have announced that a dispute between NCC shareholders has been reconciled. Fesco has sold its 50 per cent stake in NCC to an unnamed investor with the approval of First Quantum," the companies said.
In 2009, First Quantum proposed that its partner Fesco should quit the construction of the Ust-Luzhsky Container Terminal (ULCT) due to Fesco's refusal to back the project, but Fesco refused to sell, reported RIA Novosti news agency.
Alyona Ashurkova, NCC president, said in a statement: "We are satisfied with this purchase. Finally the conflict inside the company has been resolved. Now we and our partner can move further in terminal development and expansion."
In early 2010, First Quantum offered to acquire Fesco's stake in NCC. Russia's largest lender Sberbank was ready to back the deal and allocate up to $440 million for the consolidation of shares, but Fesco CEO Sergei Generalov said he was not planning to sell the stake.
The container terminal's development and ULCT construction, which were suspended over the shareholders' financing disagreements, is to be resumed soon. "The shareholders are now looking at investment models, familiarising themselves with plans, and intending further action," an NCC statement said
Source : HKSG, 29.07.10.
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