April 11, 2014 12:04
Transneft spent 8.1 bln rubles on 10.5% of NCSP shares last autumn - report
MOSCOW. April 11 (Interfax) - Transneft (MOEX: TRNF) has disclosed the total amount the company spent last autumn in increasing its stake in OJSC Novorossiysk Commercial Sea Port (NCSP) (MOEX: NMTP), the Russian oil giant said in its yearly report published Friday.
Transneft bought 8.19% more ordinary stock in NCSP for 6.355 billion rubles in October. Additionally, the report says Transneft acquired 10.52% of NCSP in September-October for 8.104 billion rubles, boosting its effective stake in NCSP to 35.57% from 27.38%.
Based on the dollar's exchange rate as of autumn of last year, this totals around $250 million, meaning that Transneft spent less on the shares than the $300 million reported by the media at that time. This is not very significant though, Transneft President Nikolai Tokarev has said.
Tokarev said this was not the real price, and everything had been written by people who were offended. "It's necessary to divide what's in the paper by one and a half," he told journalists in October, commenting on the reported $300 million figure.
Tatneft said in its report that because of a significant decrease in the market value of NCSP shares as of the reporting date, and due to continuing decline after the reporting date, the group had impairment losses on the investment of 14 billion rubles.
(Our editorial staff can be reached at firstname.lastname@example.org)
November 27, 2014
Russia political and economic calendar: November 27
November 26, 2014
Four hurt by blast on Ukraine army base - city council
Transneft to take "practical action" to get Ukraine pipelines back - Russian envoy to EU
Turkey dismisses as groundless accusations of buying oil from ISIS
Turkey asks Gazprom to increase gas deliveries via Ukraine
Total's new chief to visit Moscow this week - company
Damascus to not change relations with states bombing terrorist positions in Syrian territory
Moldova's CEC removes party led by businessman Usatii from parliamentary election (Part 3)
Russia wants economic cooperation with Syria - Lavrov
Tashkent, Moscow resolve flight issues - ministry
Rusagro listed in Moscow, trading to begin on December 1
Ruble falls for second day on lower oil, end of tax period
Main indexes of the Russia stock market for November 26