FESCO nears the completion of consolidation of Vladivostok Commercial Sea Port (VMTP)

10 February 2012
On February 6, 2012 FESCO Board of Directrors approved the possible acquisition of up to 100% in ZAO “Transportnaya Companiya”.

Once this transaction, as well as several other transactions, is executed, FESCO will complete the consolidation of the shares in Vladivostok Commercial Sea Port (VMTP) and its subsidiaries, previously owned by former partners. The execution is expected to be completed before the end of Q1 2012.

Once the shares are on the balance sheet of Far-Eastern Shipping Company (FESCO), VMTP and its subsidiaries will be fully consolidated line-by-line into FESCO IFRS statements.