OREANDA-NEWS. September 23, 2008. In 2008, the Board of Directors of Russian Railways approved the sale of up to 20% of TransContainer’s ordinary shares in a public placement and 25% plus 1 share in RefService at a public auction, reported the press-centre of Russian Railways.

The Russian Government is currently examining requests for permission to sell shares of these companies.

“We are soberly assessing the situation on the global financial and stock markets and the associated risks of selling stakes in subsidiaries of Russian Railways. We are not faced with the task of selling these stakes at any price, and we are ready to postpone the transaction to a later date.

Any decision to sell the shares will depend on the prevailing conditions on the Russian and international financial markets,” said Fyodor Andreev, Senior Vice-President at Russian Railways.
 
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TransContainer is a leading rail container operator in Russia, providing a wide range of services in container transportation and logistics. It was set up in March 2006 from property belonging to the Russian Railways’ subsidiary, the Centre for Freight Transportation in TransContainer’s Containers. It has been conducting independent commercial operations since July 2006.

TransContainer’s assets at the end of 2007 consisted of more than 21,000 fitted platforms, more than 48,000 heavy-duty containers, container terminals at 47 railway stations, a car fleet with more than 760 units and 3 containers repair shops.

RefService was established in May 2006 and is a 100% subsidiary of Russian Railways specialising in transporting freight in insulated rolling stock. Currently, the company has more than 6,600 cars, 3 refrigerated wagon depots and 2 operating areas.