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Ukrrichflot allocates USD 2.5 mln to renovate ships

Ukrrichflot allocates USD 2.5 mln to renovate ships

25 November 2008

Ukrrichflot (FLOT) said it would direct 50% of the proceeds (UAH 16 mln or about USD 2.5 mln) from its additional share issue in early November to renovate its fleet of vessels, according to Interfax. The remainder of the funds will be used to develop its container transportation and loading capacities. During the share issue, Energy Standard, related to Ukrainian businessman Konstantin Grigorishyn, increased its stake in the company from ~95% to 98%.

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