Russian Railways is ready to sell 35% minus one share in TransContainer.

By bne IntelliNews February 17, 2010
As announced by the head of the state rail monopoly Russian Railways (RZD) Vladimir Yakunin, the company is ready to sell a 35% minus one share stake in its subsidiary TransContainer at an IPO. This would decrease RZD's stake in TransContainer from 85% to a minimum control stake (50% plus one share). TransContainer was established in 2006 and as of end of 2007 operated 23,000 railroad platforms, 177,000 containers and 47 terminals. Its RAS net profit went down by 98% y/y to RUB 28.9mn (USD 0.9mn) in Jan-June 2009. Companys revenues decreased by 15% y/y to RUB 7.68bn in the reporting period. To remind, in 2008 TransContainers RAS net profit went up by 75% y/y to RUB 2.68bn.

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