Russia and a strategic investor will establish the JSC North-South joint venture, with the government allocating 100% of the shares in JSC Makhachkala Commercial Seaport (MCS) and the investor contributing funds and buying out the government's stake going forward.
Russian President Vladimir Putin has signed the corresponding decree. The Russian government and the head of Dagestan proposed establishing the JV, according to the text of the document.
The government will determine the strategic investor.
The asset to be included in the capital of the new joint-stock company is valued at 1.25 billion rubles. The strategic investor must ensure that it contributes funds totaling a 51% stake.
The government must ensure the signing of a shareholder agreement within four months, stipulating terms and conditions regarding the investor buying out the government's stake in the JV within five years from the date of concluding the agreement.
