Shareholders in Far East Shipping Company (OJSC FESCO) (RTS: FESH), which is the parent company of the Fesco Transport Group, voted at their annual meeting to waive dividends for 2007 and to retain the bulk of last year's net profit, an Interfax correspondent reported from the AGM.
Net profit rose 60% in 2007 to 1.578 billion rubles. The company will set 1.509 billion rubles of this aside for its strategic development plan and investment projects.
The shareholders elected a board of nine directors.
FESCO carries out shipping operations between ports of the Far Eastern Russia in addition to South Korea, Japan, China, Taiwan, Vietnam, Australia, New Zealand and the United States. Its fleet currently has a combined deadweight of 1 million tonnes.