Brunswick Rail has no short-term IPO plans
(Techical repeat of news item published at 15:30 on March 13)
MOSCOW. March 14 (Interfax) - Brunswick Rail does not have any plans for an IPO in the short-term, but it is focused on improving its corporate governance, a source familiar with the rail operator's plans told Interfax.
The company is planning to replace its CEO. Former head of Brunswick Rail Vladimir Lelekov will head the board of directors strategy committee and will look after company development matters until the new CEO arrives.
Lelekov headed Brunswick Rail for almost seven years. As head of the strategy committee he will increase the role of this management body, focusing on evaluating the potential for development both through organic growth and through M&A deals. He will also "work closely with the board of directors," in selecting a new CEO. Until then he will remain acting CEO, the company told Interfax.
Former MICEX general director and current head of Otkritie Financial Corporation, Ruben Aganbegyan, has joined the board, the source said. The company told Interfax that Aganbegyan will be an "independent non-executive director." He is expected to lead the audit and board payments committee.
The company cited Board Chairman Paul Ostling as saying that Lelekov had developed the company "from scratch." Commenting on Aganbegyan he said Brunswick Rail hoped to make use of his experience on international markets for business growth.
Brunswick Rail specializes in operating and financial leasing of railway rolling stock. The company was established in 2004. Brunswick owns 25.2% of the operator, Macquarie Renaissance Infrastructure Fund - 15.6%, IFC - 13.6%, Sumitomo - 9.4%, VTB Capital - 7.2%, UFG - 5.8% and other investors and management have another 23.2%. The company has over 22,000 railcars. Revenue in the year ending June 30 2012 was $271.9 million and EBITDA was $214.2 million.