At their Annual General Meeting held by correspondence on 3 February 2020, shareholders of Nizhny Novgorod based Volga Shipping Company (Volga-Fleet JSC) made a decision on reorganization of Volga Shipping Company JSC by absorption of Saint-Petersburg based North-Western Shipping Company PJSC and North-Western Fleet JSC, says press center of Volga-Fleet JSC.
The shareholders approved the Agreement on Merger of North-Western Shipping Company PJSC and North-Western Fleet JSC into Volga Shipping Company JSC.
According to the statement, the shareholders also decided to increase the authorized capital of the Company through placement of additional ordinary shares in the amount not exceeding 5 million with a nominal value of RUB 500 each (authorised shares) totaling not more than RUB 2.5 billion.