FESCO gets control of Vladivostok port

5/21/2008 10:36:12 AM

The FESCO Group has gained control of the second-largest shipping container terminal in the Russian Far East with an agreement to the purchase for US$200 million the 50 percent stake owned by the N-Trans Group in the Vladivostok Container Terminal.   FESCO will pay for the purchase by issuing over $700 million worth of additional shares in its chief enterprise, the Far-Eastern Shipping Company.   The other half of the terminal was owned by Vladivostok Sea Trading Port (VMTP) and FESCO bought out 47.6 percent of VMTP from its management team in 2007 for $90 million. The group has also agreed to buy a further 47.6 percent of the company within three years.   "After the deal is closed in June, VKT will be fully integrated into the FESCO transport group," said Siman Povarenkin, FESCO's chairman.   CargonewsAsia

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