Kenges Rakishev offloaded sea port Vitino. The asset was sold to a strategic investor who intends to continue the extensive port renovation program, launched by Kazakhstan’s renowned businessman.
BTA Bank, controlled by Kenges Rakishev, sold 90% of the operator of the non-freezing seaport “Vitino” to Nord Star LLC to a strategic investor. BTA has passed its banking license and focused on asset management.
“As for the Vitino port, we have developed a roadmap for restarting the port, attracted benefits from the Russian Government by making the facility a resident of the Russian Arctic, enlisted the support of the Murmansk Region Government in infrastructure issues, and agreed on the future of the port with potential cargo senders planning mainly to handle oil and gas sector products. The further implementation of the roadmap will be undertaken by a professional in his field, to whom we have transferred control of the port,” Kenges Rakishev said.
According to his press service, before the arrival of BTA Bank through Nord Star LLC in Vitino, the facility was in a derelict state, cargo transshipment was not carried out and there were unclear prospects about its future fate.
With the arrival of a new team of owners, the situation has changed. The port catches a second wind.
BTA did not comment on the amount of the deal and did not disclose the buyer, limiting itself only to the comment that the new owner has considerable experience in managing large construction and infrastructure projects. Earlier, Kenges Rakishev planned to invest 2.9 billion rubles in the project of restarting the ice-free seaport Vitino.