OREANDA-NEWS. February 28, 2012. NCSP Group (LSE: NCSP; MICEX: NMTP) reports that the Board of Directors of PJSC “NCSP” on 17 February 2012 decided to convert 2.68% treasury shares, which were bought from shareholders as a part of the acquisition of LLC “Primorsk Trade Port”, into depositary receipts.

The conversion will take place within the framework of the registered program of Global Depository Receipts (GDRs).

Peter Maximov, Deputy CEO and Head of Legal of PJSC “NCSP” states: “NCSP’s management will complete conversion of shares this week.  Following such conversion, JP Morgan will become their nominal holder.”

Further decision regarding this stake will be made by the Group’s Management based on market conditions.

Novorossiysk Commercial Sea Port is the largest Russian port operator and the 3rd operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP).

50.1% shares of PJSC NCSP belongs to Novoport Holding Ltd, beneficiaries owners of which  are JSC “Transneft” and Ziyavudin Magomedov (Summa Group). NCSP Group consolidated cargo turnover in 2011 totaled 157 million tons. Consolidated revenue according to IFRS for the nine months of 2011 totaled USD 782 million and EBITDA of USD 404 million. NCSP Group combines the following stevedore companies: OJSC Novorossiysk Commercial Sea Port, PJSC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NLE, OJSC IPP, and Baltic Stevedoring Company Ltd.