Fesco shareholders reelect board
MOSCOW. June 19 (Interfax) - The shareholders of the Far Eastern Shipping Company (Fesco) , the flagship of the Fesco Group, reelected the previous board of directors at their annual meeting on Tuesday, the company said in a statement.
The board includes five representatives of Ziyavudin Magomedov's Summa Group, including its president Alexander Vinokurov, Novorossiysk Commercial Sea Port chairman Marat Shaidayev; Natalya Chumachenko, Dmitry Kalinin and Sergei Zakharov.
Investment fund TPG has three representatives on the board: Stefan Kowski, Stephen Peel and Dmitry Shvets. East Capital is represented by Hans Gustav Jacob Grapengiesser.
Shareholders voted to channel Fesco's 2012 net profit of 865.5 million rubles into the company's development.
The Fesco Group is an intermodal transport operator that combines marine, rail and truck shipping, and stevedoring services at its own terminals at ports in Russia and other CIS countries. The group owns port assets in Vladivostok and railroad operators Transgarant and Russkaya Troika, and owns or leases over 35,000 containers, 24 ships (expected to increase to 26 by end of 2013) and four icebreakers.
Summa Group owns 32.5% of Fesco, GHP Group owns 23.8%, TPG has 17.4% and East Capital holds 4.9%.