Report: Dubai’s DP World may buy at least 20% in Russia’s FESCO

MOSCOW, May 26 (PRIME) -- Dubai’s port operator DP World may acquire at least 20% in Russia’s Far Eastern Shipping Company (FESCO), Bloomberg reported on Friday, citing sources with knowledge of the matter.

The transaction may be closed next month, the sources said. In 2016, the chairman of FESCO’s board of directors Ziyavudin Magomedov signed a partner agreement with DP World, the sources said.

A representative of DP World declined to comment on the information and told Bloomberg that “the company is considering development of infrastructure in Russia, including existing ports and new projects.”

Representatives of FESCO declined to give comments to PRIME.

Summa Group owns 32.5% in FESCO, GHP Group holds 23.8%, TPG owns 17.4%, and East Capital has 4.9%.

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