20 Jan 2011 14:56

Moore Capital and GLG sell stakes in TransContainer during its IPO

MOSCOW. Jan 20 (Interfax) - Investment funds Moore Capital and GLG are no longer shareholders in OJSC TransContainer, a subsidiary of OJSC Russian Railways (RZD). The funds sold their shares during the operator's IPO, TransContainer said in its materials.

Each of the funds held 2.5% in the Russian company prior to the IPO.

TransContainer sold 35% minus two shares in the public offering at the beginning of November, raising $388 million, which will be used to finance the investment program of the seller, Russian Railways (RZD) .

The Federal Financial Markets Service (FFMS) had cleared the company to circulate 17.88% of shares abroad in the form of GDR. That quota included 1.25% of shares each belonging to Moore and GLG. The two also had the option of converting their remaining stakes (1.25%) into GDR following the IPO, for which FFMS also gave its clearance.

Post-IPO, RZD owns 50% plus one share in TransContainer, FESCO has 12.5%, the European Bank for Reconstruction and Development (EBRD) - 9.25% and 11.63% held by others. The free float is 16.63%.

About 20.4% of shares were placed as GDR, including 3.75% belonging to FESCO.

TransContainer operates with heavy containers and fitted platforms to carry them, and has a network of terminals ion Russia and Slovakia. Net profit totaled 589.6 million rubles in 2009 under IFRS on revenue of 16.4 billion rubles. The company posted a net profit of 197 million rubles on revenue of 9.942 billion rubles in the first half of 2010.