DGAP-News: Far Eastern Shipping Company: press release
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Far Eastern Shipping Company: press release
15.03.2013 / 07:28
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN THE
UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL
March 15, 2013
Press release
Far-Eastern Shipping Company plc, ('FESCO' or the 'Group') reports that on
March 13, 2013 there was a meeting of Board of Directors of FESCO. The
Board elected Alexander Vinokurov, President and CEO of Summa Group, as its
Chairman and approved the Audit Committee and Remuneration Committee.
The Group also announces certain updates on recent changes to the Group
structure.
- Acquisition of majority stake in FESCO by Summa and its partners. On 13
December 2012, Summa Group and GHP Group indirectly acquired 49.99% and
23.75% of the shares of FESCO, respectively. The acquisition was funded
by a mixture of debt and equity. In December 2012, TPG joined in Summa
Group's investment in FESCO, as a result of which TPG has certain
rights in respect of oversight of the FESCO business and an indirect
economic ownership interest of 17.5% in the Group
- Acquisition of control over VMTP. On 31 March 2012, the Group obtained
control over Commercial Port of Vladivostok by acquiring 47.78% of
shares and voting interests in the company. As a result, the Group's
equity interest in Commercial Port of Vladivostok increased from 50% to
97.48%
- Downsizing of Shipping operations. In December 2012, FESCO disposed of
21 vessels with total DWT of 622,986 tons. As we continue to reduce the
size of our fleet we will maintain our focus on servicing our Liner&Logistics Division and several other niche markets.
Yuriy Gilts, President of FESCO, commented: 'We are confident that the
recent developments will give the company a strong impulse for business
expansion and growth. The company will benefit from the new opportunities
coming from the synergies with transportation and logistics assets of Summa
Group, as well as from the strong international experience of TPG, one of
the leading global private equity firms. FESCO is planning to adhere to
international best practices in corporate governance, and may consider
transactions in the capital markets to create additional shareholder
value.'
About FESCO
FESCO is one of the largest Russian port owners and operators with
integrated rail and logistics businesses and primarily focused on
intermodal deliveries of containerised cargo. The Group owns port, rail and
shipping assets, which allow it to provide door-to-door logistics solutions
and control almost all steps of the intermodal transportation value chain.
The majority of FESCO's operations are located in the Russian Far East and
the Group benefits from growing trade volumes between Russia and Asian
countries.
FESCO controls the Commercial Port of Vladivostok, which has throughput
capacity of 3.9 million tons for general cargo and oil products, 150,000
vehicles and 600,000 TEUs in containers following capital investments in
2013. FESCO is one of Russia's top 10 private railcar operators providing
services under the Transgarant (100%) and Russkaya Troyka (50%JV with
Russian railways) brands. Transgarant has approximately 16,200 units of
rolling stock, comprising 12 different types of railcar, and Russkaya
Troyka has approximately 1,570 fitting platforms. FESCO also has 26 ships
mostly deployed through own line and logistics operations and 4 ice-class
vessels
These materials are not for distribution, directly or indirectly, in or
into the United States (including its territories and possessions, any
State of the United States and the District of Columbia). These materials
are not an offer or solicitation to purchase or subscribe for securities in
the United States. Securities may not be offered or sold in the United
States absent registration with the United States Securities and Exchange
Commission or an exemption from registration under the U.S. Securities Act
of 1933, as amended. Any offering in connection with any capital markets
transactions referred to herein has not been and will not be registered in
the United States, and there will be no public offering of securities in
the United States.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons in (i), (ii) and (iii) above together being referred to as
'relevant persons'). Any securities issued in connection with any capital
markets transactions described herein are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire
such securities will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any
of its contents.
Information contained in this document is not an offer, or an invitation to
make offers, sell, purchase, exchange or transfer any securities in Russia
or to or for the benefit of any Russian person, and does not constitute an
advertisement of any securities in Russia. Any securities issued in
connection with any capital markets transactions referred to herein have
not been and will not be registered in Russia or admitted to 'placement'
and/or 'public circulation' in Russia. Such securities are not intended
for 'placement' or 'circulation' in Russia except and to the extent
permitted by Russian law.
IR contacts:
Galina Shilina
Director, Corporate Communications
+7 (495) 926 80 00 ext.1007
gshilina(at)fesco.com
Ekaterina Semenova
IR manager
+7 (495) 926 80 00 ext.1012
esemenova(at)fesco.com
PR contact:
Tatiana Vishnyakova
Deputy Director, Corporate Communications
+7 (495) 926 80 00 ext.1067
tvishnyakova(at)fesco.com
End of Corporate News
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Datum: 15.03.2013 - 07:28 Uhr
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