Shipping and logistics group AP Moller-Maersk is to sell its two logistics sites in Russia to IG Finance Development Limited - nearly marking the end of the company's business activities in the country.
Shipping and logistics group AP Moller-Maersk said today it has agreed to sell its two logistics sites in Russia to IG Finance Development Limited.The sale of its inland depot facility in Novorossiisk, with a capacity of 1,500 containers, and a chilled and frozen warehouse in St Petersburg had obtained regulatory approvals in the European Union and Russia.
"We are pleased to have found a new owner of our two logistics sites in Russia and thereby execute on our decision to divest all our assets in the country," Chief Commercial Officer Karsten Kildahl said in a statement. IG Finance Development, a company registered in Cyprus, has made an agreement with Arosa, a large food importer in Russia, to operate the sites, Maersk said.
Maersk still needs to sell four tug boats under its Svitzer brand, a process that is ongoing, a spokesperson told Reuters. After that, Maersk will not have any business in Russia. In August last year, Maersk sold a 30.75% stake in Russian port operator Global Ports Investments to Russia's largest container operator Delo Group.
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