Russia's Federal Antimonopoly Service gave a proper consideration to the materials submitted by the parties to the transaction involving a block of shares in OJSC Vanino Commercial Sea Port, according to a statement made by the Russian watchdog.
Earlier, to control compliance with the law in the course of selling shares of Vanino Commercial Sea Port to Mechel-Trans LLC, the regulatory body sent enquiries to the parties to the transaction.
Looking into the information provided by the parties to the transaction, the Federal Antimonopoly Service could not detect any violations against the provisions of the laws 'On Protection of Competition', 'On Natural Monopolies' and 'On the Procedures of Foreign Investments in the Economic Entities of Strategic Importance for the National Defence and State Security.'
It will be recalled that in December 2012, Mechel-Trans (a subsidiary of OJSC Mechel) acquired 55% (73.33% of the common shares) in OJSC Vanino Commercial Sea Port. The transaction value was about RUB 15.5 billion. Earlier, Mechel-Trans won the auction to sell the state-owned stake in the port.
In line with the conditions for the financing of the acquisition of 55% in the port, Mechel-Trans LLC sold some of the port's common shares to Russian and foreign investors reducing its stake to 1.5%. As a result, three Cypriot offshore companies acquired 71.04% of OJSC Vanino Commercial Sea Port. In particular, Travigne Trading Limited, Sedmino Investments Limited, Opern Trade Limited acquired 23.68% in the port each.
OJSC Port Vanino (VMTP, English: Vanino Commercial Sea Port, tax number: 2709001590), a stevedoring company in Khabarovsk area, provides cargo handling and accompanying forwarding services. The port is a transshipment location from which the goods are delivered to the northeast regions of Russia, Australia, the USA, Japan, South Korea, China and other APR countries.
Port Vanino is located in the naturally deep Vanina Bay in the Strait of Tartary which links the Pacific Ocean's Sea of Okhotsk and Sea of Japan.
Vanino is the largest transport hub in the Khabarovsk Region and one of Russia's ten largest ports. Navigation at the port is open year round.
According to the information and retrieval system DataCapital, net profit (RAS) of OJSC Port Vanino for H1 2012 decreased by 26% to RUB 91.177 million from RUB 123.08 million for H1 2011. Revenue increased by 0.09% to RUB 762.972 million from RUB 762.295 million. GP decreased by 10.51% to RUB 202.793 million from RUB 226.606 million, pre-tax profit by 26% to RUB 114.454 million from RUB 155.014 million.