FESCO's Board of Directors has approved the possible acquisition of a 100-percent stake in ZAO “Transportnaya Companiya” (CJSC Transport Company), the Group said on Friday.
This and several other transactions, which are scheduled for completion by the end of Q1, 2012, will enable FESCO Group to finalize the consolidation of its stake in Commercial Sea Port of Vladivostok (CPV, VMTP) and its subsidiaries, previously owned by former partners.
Once the shares are on the balance sheet of Far-Eastern Shipping Company (FESCO), VMTP and its subsidiaries will be fully consolidated line-by-line into FESCO IFRS statements.
FESCO Transportation Group is a leading Russian integrated transport and logistics company. The Group owns a fleet of more than 800,000DWT to carry 18,000 TEUs. The Group manages a diversified fleet of its own railway rolling stock of over 17,000 units. Its own container fleet is about 50,000 TEUs. The total container and general cargo throughput of the Group’s port facilities reaches 290,000 TEUs and 7,5 million tons, respectively.
FESCO Group comprises FESCO Shipping, Transgarant (a major Russian railway operator), Russian Troika (an operator of rail container transport, a JV of FESCO and RZD), FESCO ESF Ltd (feeder container carrier in the Baltic Sea), Dalreftrans (operator of reefer container transport), Commercial Seaport of Vladivostok, Vladivostok Container Terminal, and FESCO Integrated Transport.