Summa Group to buy 56% stake in FESCO
The group of companies "Summa" (owned by Ziyavudin Magomedov) has signed an agreement with Industrial Investors Group of Sergei Generalov on acquisition of 56% shares in JSC Far Eastern Shipping Company (FESCO), FESCO’s Vice President, Corporate Communications Stanislav Vartanyan told PortNews. The agreement was signed yesterday, June 18, 2012, at 07:00pm (Moscow Time).
"The deal can be closed over the next few weeks," Vartanian said. He did not unveil the exact amount of the stake deal but hinted it would be near to $1.4bn.
In early 2012, Summa Group purchased on the market less than 15% shares of FESCO. Thus, in the near future, the Group will have a 70% stake in the container shipping company. Summa will reportedly make a voluntary offer to minority shareholders of FESCO to buy the remaining shares of the company.
According to public statements made by Summa spokespersons the holding is currently negotiating the purchase of shares of FESCO with the European Bank for Reconstruction and Development (EBRD, 3.74% FESCO). Some 7% shares remain in ownership of East Capital fund.
FESCO assets are as follows: OJSC Commercial Sea Port of Vladivostok, the fleet of 49 merchant ships, the railway operator Transgarant, operating a fleet of 15,000 railcars, 50% of the railway company "Russian Troika," a 21-percent stake in JSC Transcontainer, and the operator.
