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. |
As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more
Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more
Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more