17 Nov 2023 10:54

Deal to buy out Alstom's 20% stake in TMH to be completed by end of 2023 - TMH CEO

ST. PETERSBURG. Nov 17 (Interfax) - France's Alstom plans to withdraw from the shareholding structure of JSC Transmashholding (TMH) in the remaining period of 2023, TMH CEO Kirill Lipa told Interfax on the sidelines of the St. Petersburg International Cultural Forum.

"By the end of the year. [...] We are not disclosing this information," Lipa answered when asked about the timeframe and amount of the deal to buy out Alstom's 20% stake in TMH.

Russian shareholders, including Lipa, own the remaining 80% of the shares in Transmashholding Limited, TMH's parent company.

As reported, the United States on September 14 updated the Russian part of the Specially Designated Nationals and Blocked Persons (SDN) List to include Transmashholding, among others; therefore, Alstom decided to exit the company's shareholding structure.

Alstom in March announced the suspension of all deliveries and future investments in Russia.