The funds received from the deal will be allocated for reduction of the Group's indebtedness, including the repayment of REPO loan which was secured against the TransContainer stake.

'The sale of our stake in TransContainer is a weighed and objective decision of FESCO's Board of Directors. Currently, the Group has a significant debt burden, and our priority is to reduce it. We intend to continue to develop FESCO's core businesses and raise its operational efficiency,' said Leyla Mammed Zade, chairman of FESCO's Board of Directors.

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FESCO - Far Eastern Shipping Company OJSC published this content on 23 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 October 2018 16:12:01 UTC