Fesco will issue shares to fund terminal

Vladivostok: Fesco, parent of Russia's biggest ocean container carrier, said it will sell shares worth nearly $770 million to fund acquisitions to boost its presence in the country's main foreign trade gateways.

The company will use part of the proceeds to finance the $200 million purchase of a further 50 percent of the Vladivostok container terminal from N-Trans, Russia's largest private rail freight operator.

Fesco already owns 25 percent of the terminal, which will have an annual capacity of 600,000 teu after an expansion program is completed.  [26/5/08]