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DP World sets sights on minority stake in Russia's Fesco
DP World is said to be mulling the acquisition of a minority stake in Fesco, Russia's largest intermodal transport group that operates a container shipping line and box terminal at the port of Vladivostok.
The Moscow-based Summa Group is reportedly holding talks with DP World and Russia's state-owned Direct Investment Fund over the sale of the Fesco stakeholding, reported IHS Media.
Fesco is currently in talks with its creditors and bondholders over the restructuring of its debts in the wake of declining revenue and earnings, dragged down by the weak Russian ruble and weak container and rail freight rates.
DP World launched in January 2016 a joint venture with the Direct Investment Fund that plans to invest up to US$2 billion in upgrading the country's port facilities. DP World has an 80 per cent stake in the JV, DP World Russia, with the sovereign wealth fund holding the remaining 20 per cent.
DP World's container port throughput rose 5.7 per cent in the first quarter, reaching 16.4 million TEU. Full-year volume in 2016 was up 3.2 per cent to 63.7 million TEU and was 2.2 per cent higher on a like-for-like basis.
The Moscow-based Summa Group is reportedly holding talks with DP World and Russia's state-owned Direct Investment Fund over the sale of the Fesco stakeholding, reported IHS Media.
Fesco is currently in talks with its creditors and bondholders over the restructuring of its debts in the wake of declining revenue and earnings, dragged down by the weak Russian ruble and weak container and rail freight rates.
DP World launched in January 2016 a joint venture with the Direct Investment Fund that plans to invest up to US$2 billion in upgrading the country's port facilities. DP World has an 80 per cent stake in the JV, DP World Russia, with the sovereign wealth fund holding the remaining 20 per cent.
DP World's container port throughput rose 5.7 per cent in the first quarter, reaching 16.4 million TEU. Full-year volume in 2016 was up 3.2 per cent to 63.7 million TEU and was 2.2 per cent higher on a like-for-like basis.
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