VTB Bank and Novorossiysk Commercial Sea Port have signed a binding agreement on the acquisition by VTB Bank of 100% in Novorossiysk Grain Terminal (NZT).
According to NCSP, the deal is to be closed in the second quarter of 2019. No financial details are disclosed.
Earlier, VTB bought 22.25% in NZT in August of 2018 as part of debt settling. This is not the first grain asset in the bank’s portfolio. Also in August last year, VTB acquired 22.25% in another Novorossiysk-based grain terminal, NKKhP (Novorossiysky Kombinat Khleboproduktov). Now the bank is working towards buy 69.1% in the company worth some 10.9 bn rubles.
This month, it was revealed that VTB has acquired 50% minus one share in United Grain Company, which previously belonged to Summa Group.