NCSP stockholders renew the Board of Directors

Shareholders of Novorossiysk Commercial Sea Port re-elected the NCSP’s Board of Directors at the Extraordinary General Meeting held on March 25, 2011, the company’s press release said.


NCSP’s stockholders elected to the Board Mikhail M. Arustamov, First Vice-President of Transneft JSC, Alexander A. Davydenko, Head of Federal Agency of Sea and River Transportation, Vitaliy N. Kisenko, Head of Legal Department of Transneft JSC, Ziyavudin Magomedov, Chairman of Investment Group «Summa Capital», Victor A. Olerskiy, Deputy Minister of Transport, Yuriy A. Soloviev, President of VTB Capital; Boris A. Tikhonenko, General Director of Primorsk Trade Port Ltd.


The society’s shareholders also elected the new Auditing Commission of NSCP including Ekaterina Vlasova, Tatyana Nesmeyanova, Margarita Russkikh, Tamara Stretovich, Artur V. Shamkut.


Commenting on the EGM results, General Counsel and Vice President of the NCSP Group Peter Maximov said: «As a result of the acquisition of Primorsk Trade Port, the lineup of NCSP shareholders changed, which called for the new Board to be elected. By electing two representatives of Summa Capital - Ziyavudin Magomedov and Boris Tikhonenko; two representatives of Transneft - Mikhail Arustamov and Vitaliy Kisenko; and two representatives of the Russian Government – Alexander Davydenko and Victor Olerskiy the new shareholders received adequate representation on the key corporate governance body - the company's Board of Directors. Moreover, the independent director seat was given to one of the most prominent representatives of investment community - President of VTB Capital Yuriy Soloviev. Such a presentable composition of the Board of Directors will surely foster business efficiency improvement and further modernization of the company».


Novorossiysk Commercial Sea Port Group is the largest Russian port operator. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, Baltic Stevedoring Company Ltd, and Primorsk Trade Port Ltd. (since 2011). In 2010, cargo throughput of NCSP (excluding PTP’s results) amounted to 81.6 million tons, while consolidated revenues for the first 9 months of 2010 according to IFRS totaled $499.4 million, net income - $233 million.
(Source:http://en.portnews.ru)