28 Oct 2011 16:27

ITC to finance purchase of 75% in Freight One partially with loans - UCL chief

MOSCOW. Oct 28 (Interfax) - Independent Transport Company (ITC), winner of Friday's auction for 75% minus two shares in OJSC Freight One, will be financing part of the buy with loan funds, Managing Director at the transport holding UCL - of which ITC is part - Oleg Bukin has announced.

"At the present time, we plan to pay on the agreement with money that will be extended by banking institutions. That is, there will be bank [monies] and our own funds," he said.

Bukin did not specify with what banks financing talks are being held, noting only that there agreements have already been signed with both Russian and foreign banks.

A shareholder in the holding will also be providing funds, he said.