RZD must sell 50% of TransContainer in 2012 - Transport Ministry
MOSCOW. April 26 (Interfax) - OJSC Russian Railways (RZD) has to sell 50% of subsidiary OJSC TransContainer next year, Deputy Transport Minister Andrei Nedosekov told reporters on the sidelines of the TransRussia exhibition in Moscow on Tuesday.
"We have questions about RZD's investment program for 2012 today, so we think it needs to sell [TransContainer] in 2012," Nedosekov said.
The RZD board of directors has already confirmed the company will sell 25% of the hauling operator this year, a stake appraised at 10.7 billion rubles.
Officials earlier allowed for the possibility of the future sale of TransContainer shares to raise investments in railway development also in subsequent years. The Economic Development Ministry wants to oblige RZD to divest fully of its subsidiary's capital and not retain a blocking stake as RZD would like.
RZD President Vladimir Yakunin had earlier agreed that "figuring the market's development and competition in the field of transporting containers," and also "from the standpoint of the manageability of this process," RZD does not necessarily need to retain a controlling interest in TransContainer. "It is possible that it would justified to move to reduce our stake," he said, noting that RZD would not want to reduce lower than 25%. Prior to those statements, Yakunin had said in an interview with Interfax that he though an SPO would be the better way to privatize the operator.
TransContainer operates with heavy containers and fitted platforms to carry them, and also has a network of terminals in Russia and Slovakia. RZD now owns 50%+1 share in the company. Another 35%-2 shares was sold during an early-November IPO that brought in $388 million for the RZD investment program. Transport group FESCO acquired 12.5% of TransContainer stock and said the company was seeking a controlling interest.