Fesco shareholders vote to merge Vladivostok Container Terminal, Commercial Port
MOSCOW. July 1 (Interfax) - The shareholders in OJSC Far Eastern Shipping Company (Fesco), the base company of the Fesco Group, voted in favor of merging two subsidiary companies at an extraordinary meeting on June 21.
Fesco said in a statement that CJSC Vladivostok Container Terminal (VCT) will be reorganized via a merged to OJSC Commercial Port of Vladivostok (VMTP).
Fesco secured control over VMTP in March of last year, and it now owns 96% of the company through M-Port.
Fesco Transportation Group is an intermodal operator that manages marine, railway and automobile transport capacities and stevedoring services at its own terminals at Russian and CIS ports. The holding owns port assets in Vladivostok and railway operators Transgarant and Russkaya Troyka. In addition, it has over 35,000 containers, 24 ships (there are plans to raise that number to 26 by the end of this year) and four icebreakers in ownership and on lease.
Ziyavudin Magomedov's Summa Group currently owns 32.5% of OJSC Fesco, while GHP Group has 23.8%, TPG holds 17.4%, and East Capital owns 4.9%.
