FESCO to invest about $1 billion into container business development

Far East Shipping Company (FESCO, Industrial Investors Group) plans to invest about $1 billion into development of container business, Evgeny Ambrosov, FESCO Director General, told Reuters, according to RZD-Partner. The investment is to include both internal and borrowed funds to be spent within three years. According to FESCO representative, the investment plan for the whole group has not been approved yet (from October IIG is a co-owner of the First Container Terminal, Baltic Container Terminal and Transgarant railway carrier). Though, in future, all container assets of FESCO may be converted to a single share. Besides, FESCO plans to hold IPO in 2007 (parameters not being disclosed).