Summa president chairs Fesco board
MOSCOW. March 14 (Interfax) - The board of directors of Far Eastern Shipping Company (Fesco) , the flagship company of the Fesco Group, elected Summa Group president Alexander Vinokurov as its chairman on March 13, Fesco said in a statement.
Fesco shareholders elected a completed new board at an extraordinary general meeting on March 11. It includes five representatives of Summa, including Vinokurov, Novorossiysk Commercial Sea Port chairman Marat Shaidayev, Natalya Chumachenko, Dmitry Kalinin and Sergei Zakharov.
Investment fund TPG has three representatives on the board by Stefan Kowski, Stephen Peel and Dmitry Shvets. East Capital, which owns about 7% of shares, is represented by Hans Gustav Jacob Grapengiesser.
Summa said in the summer of last year it had bought 15% of Fesco on the market. In December, in partnership with the GHP Group of Mark Garber and Ian Hannam, Summa closed the acquisition of 56% of Fesco from Sergei Generalov's Industrial Investors, so in total it has consolidated around 70%. The Kommersant newspaper said at the start of this year that the TPG fund owns around 17% of Fesco, but Summa and Fesco have not commented on this.
The Fesco group includes railroad operators Transgarant and Russkaya Troika, a joint venture with Russian Railways (RZD) ; container shipper Dalreftrans; Vladivostok Commercial Seaport ; Vladivostok Container Terminal and other assets. Fesco also owns 23.7% of OJSC TransContainer.