FESCO Board to pass the resolution on new capital increase

On May 15 the Board of Directors of Far-Eastern Shipping Company Plc., the issuer of shares for FESCO Transportation Group, passed the resolution to issue 590,250,000 new common shares. The additional issue will be placed through open subscription, existing shareholders are granted preemptive right to acquire pro-rata number of new shares.

According to FESCO President & CEO Evgeny Ambrosov, “this is yet another step in implementing FESCO’s ambitious development strategy. We raise new equity to finance the underlying investment program and further strengthen our presence in key business areas. Part of proceeds of this new issue – so far the largest in FESCO modern history - will be used for the acquisition of 50% in Vladivostok Container Terminal – a transaction we announced earlier today”.

The Prospectus of the new issue is to be filed with the Russian Federal Financial Markets Service for registration. Official information about the progress of the issuance process will be duly disclosed by the company.

Source: American Shipper