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. Last Updated: 07/27/2016

FESCO Says Issue to Raise $200M

FESCO, the country's top container shipping firm, said Friday that it aimed to raise about $200 million issuing new shares worth 15 percent of its capital, which will be used to fund investment and reduce debt.

The issue is scheduled for Monday. Officials had previously said they expected it to raise about $150 million.

FESCO will issue 306.5 million shares. The company has set a price of 16.85 rubles (66 cents) per share for existing shareholders and 17.85 rubles for new subscribers. FESCO's main shareholders have previously said they intend to exercise their right to buy the newly issued shares to preserve their stake in the company. Majority shareholder Industrial Investors has a 64 percent stake.

FESCO head Siman Povaryonkin said in April the company had approved $320 million in investments this year. That could rise by $200 million to $250 million due to new acquisitions, he said.

FESCO had earlier planned an initial public offering in 2007, but postponed it until after the 2008 presidential elections in Russia.