RNS Number : 9918Q
05 September 2014
Government approves the transfer of Russian Railways' interest in TransContainer to United Transportation and Logistics Company
Further to the announcements dated 21 June 2013 and 27 November 2013, JSC TransContainer ("TransContainer" or the "Company") announces that on 5 September 2014 the Government of the Russian Federation has published its approval of 30 August 2014 regarding the contribution of Russian Railways' full shareholding of 50%+2 shares in TransContainer, along with 100%-1 shares in JSC RZD Logistics, to the share capital of United Transportation and Logistics Company ("UTLC"). The UTLC will be established by Russian Railways, JSC Kazakhstan Temir Zholy ("Kazakhstan Railways") and Belarusian Railways, subject to the following conditions:
- immediately upon establishment of UTLC Russian Railways will own no less than 99.8% of the share capital of UTLC, while Kazakhstan Railways and Belarusian Railways will own no more than 0.1% of the share capital of UTLC each;
- Russian Railways may decrease its stake in the share capital of UTLC up to 70% as a result of new share issues to the favour of ("Kazakhstan Railways") and Belarusian Railway, provided that the issue price is no less than the market price as determined by an independent appraisal;
The specific terms and conditions of the establishment of UTLC shall be approved by the Board of Directors of Russian Railways.
The Company will keep the market informed of any further developments.
5 September 2014
Tony Friend / Galyna Kulachek
+44 (0) 20 7457 2020
TransContainer (LSE ticker: TRCN) is the leading intermodal container transportation company in Russia. It is the market leader in Russia by flatcar fleet size, container transportation by rail and rail-side container terminal throughput. As of 30 June 2014, it operated 27,174 flatcars and 64,670 ISO containers. It owns a network of 46 rail-side container terminals in Russia, 19 rail-side terminals in Kazakhstan (through its joint venture company KedenTransService) and operates one terminal in Slovakia. Company's sales network comprises more than 130 sales offices across Russia as well as presence in the CIS, Europe and Asia. TransContainer is listed at Moscow Exchange and LSE. Company's major shareholder is JSC Russian Railways with 50%+2 shares.
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