According to the Russian press, Summa Group may use funds from the sale of its stake in Novorossiysk Commercial Sea Port (NCSP) to oil pipeline operator Transneft to bid for control in Russian intermodal container operator TransContainer. Summa already owns a 25.07% stake in TransContainer and the funds would allow it to acquire the 50% + two shares put up for sale by RZD.
Summa may also use funds from the sale of its stake in NCSP to improve the financial condition of its other major asset, transportation company FESCO.
At present, Summa and Transneft, via Novoport Holding Ltd, equally own a 50 stake in NCSP. Transneft’s application to acquire Summa’s stake in the port was approved by the Russian antitrust authority FAS. The current market value of the stake is estimated at RUB 40.5 billion (USD 721 million).
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