Update on FAS conditions
Global Ports Investments PLC (“Global Ports” or the “Company”, together with its subsidiaries, the “Group” or the “Global Ports Group”; LSE ticker: GLPR) today announces that Russia’s Federal Antimonopoly Service ("FAS") has declared Global Ports to be compliant with its required conditions, including those requirements imposed on the tariff setting of the Group’s Russian terminals1.
FAS has officially confirmed to the Group the satisfaction of the conditions in its previously issued ruling based on its determination that the operational actions undertaken by the Group’s terminals regarding tariff payments are being carried out in accordance with both current legislation and the terms of the settlement agreements concluded in December 20172. Prices for stevedoring services in Russian ports remain market-driven and are not subject to regulation; therefore, Global Ports remains able to revise its pricing policy and tariff structures in response to any substantial change in the industry or macroeconomic environment.
In recognition of this development, Global Ports now plans to withdraw its claim to the Moscow Arbitrage Court to challenge the aforementioned conditions.