OREANDA-NEWS. January 21, 2011. PJSC Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) hereby announces that transaction to acquire 100% of participation interest in Primorsk TradePort LLC has been completed.

Commenting on the deal’s closure CEO of NCSP Igor Vilinov said: "Acquisition of the second largest port in Russia in terms of cargo turnover, by all means, constitutes a transformational transaction for NCSP allowing it to increase the scale of operations, diversify geographic reach, reduce the volatility of cargo traffic, gain access to new transport routes and markets, and provides more headroom for organic growth".

"I am confident that the expertise acquired while successfully consolidating stevedoring companies at Novorossiysk port and the Baltyisk container terminal enables us to integrate the new port asset into the current business structure in the most efficient way. The united company will have a stronger competitive standing, and will realize its huge potential for increasing shareholder value", Igor Vilinov added.

The sale and purchase agreement to acquire 100% of participation interest in Primorsk TradePort LLCbetween PJSC NCSP as the buyer, and Omiricio Limited, incorporated and existing under the laws of Cyprus, the sole shareholder of Primorsk TradePort LLC, as the seller, was executed by the parties on 21 January 2011.

To provide partial financing for the acquisition PJSC NCSP has attracted a long-term credit facility from the Sberbank of Russia in the amount of USD 1.95 billion with tenure of 7 years. Material terms of the facility agreement were disclosed in PJSC NCSP press-release dated 9 December 2010 available at the company’s official web-site at: http://nmtp.info/en/holding/press-centre/news/news_detail.php?ID=5061 .

Omirico Limited, jointly controlled by JSC Transneft and Mr. Ziyavudin Magomedov, has notified PJSC NCSP that on 21 January 2011 it acquired 100% of issued shares of Novoport Holding Ltd, the owner of 50.1% of PJSC NCSP outstanding shares. Corresponding notice has also been received from Novoport Holding Ltd.