16 Feb 2010 17:49

Freight Two to be set up as 100% RZD subsidiary - Yakunin

MOSCOW. Feb 16 (Interfax) - Freight Two (Second Freight Company) will be set up as a 100% subsidiary of Russian Railways (RZD) , RZD President Vladimir Yakunin told journalists in Moscow on Tuesday.

"As for the possibility of [investors] taking a stake in the company: that is a question for the second stage, because that scheme is not covered in the first stage," Yakunin said. "We said that the company might be formed two ways: let's combine them and immediately form a joint company. We believed that this provide a way out for the leasing companies, that are sitting on all that rolling stock, and for companies that would want to capitalize in that fashion [which was opposed by a number of government agencies, including the Transportation Ministry]. If not, then Freight Two will be formed, into which about 200,000 railcars will be transferred," he said.

Investors wouldn't make contributions to Freight Two's charter capital any earlier than a year from now, he said.