FESCO's Board increases its authorized stock to 690m

The Board of Directors of Far East Shipping Company (FESCO) – stocks Issuer's of the FESCO Transport Group, at a meeting on May 18 approved an authorized capital increase by issuing to the public offering of additional 690,592,500 common stocks. The decision has been approved unanimously by all members of the Board, the Company press release said. The decision allows the company to proceed with the execution of formal procedures relating to registration of prospectus of additional stock issue.

The additional stock issue is part of the financial strategy of the Group to raise equity capital to improve the balance sheet structure, further reducing the debt burden and finance production and investment activities of the Group, FESCO CEO Sergei Generalov said. 

Transport group FESCO, formed on the basis of the Far Eastern Shipping Company (FESCO), is a largest Russian container operator. The Group has its own vessels fleet of over 1 million DWT. The Company’s own container fleet is over 50,000 TEUs. Total capacity of its handling facilities exceeds 1.6 million TEUs.

Source: Port News