May 21 - With the Second Stevedoring Company joining JSC Sea Port of Saint-Petersburg, Russia, the reorganisation of the latter is almost complete.
Two of three joint-stock companies: CJSC Second Stevedoring Company and CJSC Third Stevedoring Company have now ceased their business activities and been joined to JSC Sea Port of Saint-Petersburg with the latter as the universal assignee with regard to all the rights and obligations.
The reorganisation process will be complete once the CJSC First Stevedoring Company is joined to JSC Sea Port of Saint-Petersburg.
Sea Port of Saint-Petersburg is part of the transportation group Universal Cargo Logistics Holding. It says that the joining of historically and organisationally related companies controlled by one shareholder and carrying on their leading activity at the first, second and third areas of the port, plus the creation of an integrated operator, will make it possible to improve business management, decrease management and administrative costs, and strengthen the competitiveness of services related to handling of cargoes in the Greater Port of Saint-Petersburg.