RZD thinks TransContainer ownership structure should be maintained
MOSCOW. Jan 23 (Interfax) - The executive board of Russian Railways (RZD) believes the current ownership structure of TransContainer should be maintained, according to the protocol of a December 23 meeting of the board of directors' strategic planning committee, which has been viewed by Interfax.
Several options for RZD's further participation in TransContainer were examined, including "complete or partial sale" of RZD's stake, "breaking up TransContainer among shareholders" and "maintaining the status quo." RZD currently owns 50% plus two shares in TransContainer.
"According to the position of Russian Railways, the most preferable option for the disposition of the holding's stake in TransContainer is maintaining the status quo," the document states.
The protocol also notes the position of RZD president Oleg Belozerov. "In the event of the future sale of a stake in TransContainer to strategic investors there is a risk of it being acquired by other participants in the international container shipping market (including sea and ocean) as a restrictive measure, which would lead to a significant decrease in Russian Railways' revenue," he said.
He also said the container freight car operator accounts for a "substantial portion of [RZD's] revenue" from container shipments: 30 billion rubles in 2016 and projected to grow to more than 57 billion rubles by 2020.
"Taking [this] into account, it is advisable to consider options for the future disposition of the stake in TransContainer that provide for maintaining the existing system for the management and control over the company by the holding," Belozerov was quoted as saying in the protocol.
