International transportation group Universal Cargo Logistics Holding (UCL Holding) says it closed the deal with minority shareholders of Volgo-Balt Transport Holding Limited (VBTH) restructuring the possession of VBTH core assets on 8 February 2017.
Minority shareholders of VBTH - Fastlead Limited, Maracol Limited, Valbridge Limited (FMV) – sold their share (20% of VBTH) to UCL Holding.
UCL Holding, majority shareholder of VBTH has handed over 100% of Vodohod to FMV.
UCL Holding is thus a 100% holder of VBTH, while minority shareholders now hold 100% of Vodohod.
According to the statement, the purpose of the deal is to divide between the VBTH shareholders the assets related to cargo transportation by water transport and the transportation of passengers in the framework of river cruises.
“The sale of cruise company Vodohod beyond VBTH will let focus our operational and strategic management on our profile business – transportation of liquid bulk cargo and oil by water transport”, commented Igor Feodorov, Director General of UCL Holding.
In January 2017, minority shareholders of VBTH obtained an approval of Vodohod shares acquisition from FAS.
Universal Cargo Logistics Holding (UCL Holding) is an international transportation group consolidating a number of Russian shipping, stevedoring, shipbuilding, railway and logistic companies. The group's business is divided into three divisions: UCL Rail, UCL Port and VBTH (shipping division).
VBTH – shipping division of Universal Cargo Logistics Holding. The division comprises Volga Shipping Company, North Western Shipping Company, V.F.Tanker and Okskaya shipyard.
Vodohod is Russia's largest operator of river cruises and a full-service tourism operator. The company’s fleet numbers 23 four-deck cruise ships, 9 high-speed passenger ships of Meteor type, 5 leisure ships of Moskva, Neva and Otdykh types. In 2016, the company transported 497,000 passengers.