FESCO Shares Up 4% after News of Management Resignation
A day earlier it became known that the port operator DP World, owned by the United Arab Emirates, intends to buy a large stake in FESCO - 49%. The Arab operator DP World announced plans to buy a stake in FESCO back in 2017. Then the company planned to acquire 35–40% of FESCO from its main shareholder together with the Russian Direct Investment Fund (RDIF).
The main shareholder of the company is Ziyavudin Magomedov, who owns a 32.5% stake in FESCO. In March 2018, he was arrested on charges of organizing a criminal community. Another 23.8% of the company belongs to GHP investment company Mark Garber, and 17.4% of the group belongs to TPG Capital investment fund.