FESCO sells stake in NCC
FESCO and First Quantum have resolved the conflict between shareholders of National Container Company (NCC), with FESCO selling its stake in NCC. Less than four years after paying $375 million for its 50% stake in NCC, FESCO has now agreed to sell it to an undisclosed investor for $900 million. Following a disagreement over the development of the Ust-Luga container terminal, First Quantum proposed back in 2009 that FESCO should withdraw from the construction of the terminal, and in early-2010 offered to buy FESCO’s stake in NCC. But FESCO refused to sell. The deal has now been agreed, and Russian media reports indicate that the investor is an affiliate of First Quantum that already owns the other half of NCC. NCC owns the First Container Terminal in the port of Saint Petersburg and Container Terminal NUTEP in the port of Novorossiysk, as well as the Ukrtranscontainer terminal in the port of lllichivsk in Ukraine and the off-dock Logistika Terminal in Shushary, St.Petersburg. The Ust-Luga Container Terminal (ULCT), with the ultimate capacity of 3 milllion TEU per year, will be the largest and the most technologically advanced facility in Russia and Eastern Europe. NCC’s investments in the project will amount to around $800 million by 2020. Quelle: eyefortransport Portal: www.logistik-express.com |
