FESCO floating 15% new shares issue
Far-Eastern Shipping Co., part of FESCO Transport Group, will Monday float 15 percent of its existing capital, a total of 306.5 million new common shares, on the Russian Trading System.
FESCO’s board of directors has set the placement price of preemptive rights for existing shareholders at 16.83 rubles (66 cents) per share. Shares offered to all other market participants will be placed at 17.85 rubles (70 cents). The company plans to raise $200 million from the share issue to finance its ongoing investment program, as well as to de-leverage the company.
MDM-Broker is the official broker for the open subscription part of the issue.