17 Sep 2010 15:07

RZD board to consider increase in 2010 investment program in October

SOCHI. Sept 17 (Interfax) - The board of directors of Russian Railways (RZD) will consider a possible increase in the 2010 investment program in early October, Senior Vice President Vadim Mikhailov said in Sochi on Friday on the sidelines of the International Investment Forum.

"The board of directors will meet in early October to examine this issue," he said when asked about the possibility of raising the investment program to about 300 billion rubles.

"We of course want to raise it. An increase in volume has created additional revenue," Mikhailov said.

The same board of directors meeting ought to feature a vote on the valuation of a subsidiary, Transcontainer, ahead of its IPO scheduled in November. "In accordance with the government's plan - in the fourth quarter," he said.

The package of documents concerning sale of Transcontainer shares is currently being examined in the government. "After the government gives the go-ahead, the [RXD] board of directors will define the parameters of the IPO," he said.