Transport Group FESCO (base company of Far East Shipping Company, FESCO) and First Quantum Group have settled the conflict between stockholders of National Container Company (NCC), FESCO, FQ joint press release said.
With the approval of First Quantum FESCO Group has sold its stakes in joint ventures of NCC Group to an investor, whose name was not disclosed. The total transaction was reported at $900 million, the press release said. No other details were unveiled.
"We are satisfied with the transaction. Finally, the conflict within the company has been over. Now we can develop further and meet our obligations to partners ", NCC’s President Alena Ashurkova said, commenting on the deal.
According to the media, the NCC’s stake, formerly owned by FESCO, was acquired by the company owned by Andrew Kobzar who had participated in the projects of First Quantum.
With the approval of First Quantum FESCO Group has sold its stakes in joint ventures of NCC Group to an investor, whose name was not disclosed. The total transaction was reported at $900 million, the press release said. No other details were unveiled.
"We are satisfied with the transaction. Finally, the conflict within the company has been over. Now we can develop further and meet our obligations to partners ", NCC’s President Alena Ashurkova said, commenting on the deal.
According to the media, the NCC’s stake, formerly owned by FESCO, was acquired by the company owned by Andrew Kobzar who had participated in the projects of First Quantum.
Earlier, NCC was owned on a parity basis by FESCO of Sergei Generalov (FESCO Group’s President, his Industrial Investors Llc owns a 53.81-percent stake in FESCO) and First Quantum Group. In the summer of 2009 First Quantum announced it had suggested FESCO to pull out of Ust-Luga container terminal project (Leningrad region) due to FESCO’s refusal to finance the project.
National Container Company (NCC) is the largest and leading container operator in Russia. The owners of the NCC in equal shares are the First Quantum Group and the FESCO Transport Group. In 2009 the total volumes via NCC’s containers terminals amounted to some 1.2 million TEUs, contributing 42.1% to overall freight flows at Russian container ports.
NCC’s portfolio of assets includes First Container Terminal (FCT, St. Petersburg), NUTEP Container Terminal (Novorossiysk), UKRTRANSCONTAINER Container Terminal (Ilyichevsk, Odessa region, Ukraine), Ust-Luga Container Terminal (Leningrad region) and Logistics Terminal (Shushary, St. Petersburg).
Transport group FESCO, formed on the basis of the Far Eastern Shipping Company (FESCO), is a largest Russian container operator. The Group has its own vessels fleet of over 1 million DWT. The Company’s own container fleet is over 50,000 TEUs. Total capacity of its handling facilities exceeds 1.6 million TEUs.
National Container Company (NCC) is the largest and leading container operator in Russia. The owners of the NCC in equal shares are the First Quantum Group and the FESCO Transport Group. In 2009 the total volumes via NCC’s containers terminals amounted to some 1.2 million TEUs, contributing 42.1% to overall freight flows at Russian container ports.
NCC’s portfolio of assets includes First Container Terminal (FCT, St. Petersburg), NUTEP Container Terminal (Novorossiysk), UKRTRANSCONTAINER Container Terminal (Ilyichevsk, Odessa region, Ukraine), Ust-Luga Container Terminal (Leningrad region) and Logistics Terminal (Shushary, St. Petersburg).
Transport group FESCO, formed on the basis of the Far Eastern Shipping Company (FESCO), is a largest Russian container operator. The Group has its own vessels fleet of over 1 million DWT. The Company’s own container fleet is over 50,000 TEUs. Total capacity of its handling facilities exceeds 1.6 million TEUs.