Vladivostok Commercial Sea Port to retain 2024 profit undistributed, reduce charter capital

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Vladivostok Commercial Sea Port to retain 2024 profit undistributed, reduce charter capital

VLADIVOSTOK. July 8 (Interfax) - The shareholders of PJSC Vladivostok Commercial Sea Port , the largest stevedoring company in the port of Vladivostok and part of FESCO Group, supported the board of directors' recommendation not to pay dividends for 2024 at their annual meeting, the company said.

It was decided that the profit from last year will remain undistributed.

It was previously reported that the company posted a net profit to Russian Accounting Standards (RAS) of 22.8 billion rubles in 2024, up 19.2% year-on-year.

VMTP last paid dividends based on its 2011 results, at 0.14 rubles per ordinary share.

At the annual meeting held on June 27, the port's shareholders also elected a seven-member board of directors (information about the board members has not been disclosed) and appointed Pacholi LLC as the auditor for 2025.

The shareholders also approved a decision to reduce the company's charter capital.

Currently, the charter capital of PJSC VMTP amounts to 247.031 million rubles, divided into 2,470,312,539 ordinary shares with a par value of 0.1 rubles.

The charter capital will be reduced by 1.259 million rubles through the cancellation of ordinary shares repurchased from shareholders, totaling 12,591,527 shares with a par value of 10 kopecks each.

"As a result of the cancellation of the company's ordinary shares, the charter capital of PJSC VMTP will amount to 245,772,101.2 rubles, and the number of issued shares of PJSC VMTP will be 2,457,721,012," it said.

VMTP's production facilities are located across 15 berths.

According to VMTP's report, 68.3778% of the stevedore's shares are owned by M-Port LLC (Moscow), which in turn is owned by PJSC Far Eastern Shipping Company (FESCO, the parent company of the FESCO transport group - 50.01% directly and 49.99% through JSC Port-Active (Moscow). Another 28.4579% of VMTP is owned by National Container Company LLC (Moscow), whose sole owner according to the Unified State Register of Legal Entities is FESCO.