Russian govt has offers to sell, swap Transcontainer shares - Shuvalov
DAVOS. Jan 27 (Interfax) - The Russian government has received offers to sell or swap shares in Russian Railways (RZD) subsidiary Transcontainer, First Deputy Prime Minister Igor Shuvalov told reporters on the sidelines of the World Economic Forum in Davos.
"Investors have approached us. There have been a lot of suggestions of joint projects. We're looking at all options, not just selling shares at auction. There are offers to swap assets and offers to bring in specific strategic investors, Shuvalov said.
A final decision has not yet been reached, he said.
Nor has it been decided how much of Transcontainer might be sold - 25% or 50% - or when. "We've had a lot of arguments in the government. The RZD board suggests selling only a quarter, and the Economic Development Ministry, which I have backed, thinks a controlling stake needs to be sold," he said.
"RZD is now making fresh initiatives," Shuvalov said, without elaborating.
TransContainer owns and operates 60,000 large containers, more than 24,000 railway platforms for transporting them (some 60% of the overall number in Russia), and has a network of terminals at 46 stations in Russia and Slovakia. RZD owns 50% plus one share in the company, the transportation group FESCO 18.5%, and the European Bank for Reconstruction and Development (EBRD) 9.25%.
Russian government orders on TransContainer's privatization could be formed by March of this year, RZD President Vladimir Yakunin told journalists on January 24.
"It's possible, but it's not a fact," he said when asked about the possibility of the company receiving directives before the presidential elections in March.
Carrying out a deal on TransContainer's privatization is advisable no earlier than 2013, Yakunin said. It was previously reported that the options of privatizing 25% or 50% of TransContainer were being considered.
FESCO has thought about swapping shares in itself for shares in Transcontainer. "We're prepared for anything, the main thing is that RZD is ready," FESCO chief Sergei Generalov said in June last year. Generalov said he welcomed all initiatives to acquire assets on a cash-free basis.
FESCO bought 12.5% of Transcontainer during the latter's IPO in the autumn of 2010. It has so far consolidated 18.5% and intends to gain control. The group has an 11%-treasury stake and Generalov said last fall that those shares might be used to reciver the funds spent on consolidating the controlling stake.
Globaltrans, Vladimir Lisin's UCL, Ziyavudin Magomedov's Summa have also expressed an interest in Transcontainer.
RZD's board valued a blocking stake in Transcontainer at 10.7 billion rubles for privatization purposes.