FESCO completed the sale of 25.1% stake in TransContainer

23 October

FESCO Transportation Group (“FESCO”, the “Group”) announces today that the Group's companies have completed the sale of their 25.1% stake in PJSC TransContainer. 24.8% of the TransContainer stock was purchased by VTB Bank, another 0.3% was purchased by a third-party investor.

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.

Related materials

FESCO uses cookies developed by our specialists and third parties to analyze the website traffic and to improve our services and interaction with users. By continuing to browse the site, you are agreeing to our use of cookies. You will find more detailed information in our Privacy Policy