21 Jun 2013 07:00
JSC TransContainer
Establishment of United Transportation and Logistics Company
JSC TransContainer ("TransContainer" or the "Company") notes the announcement of JSC Russian Railways ("Russian Railways"), the majority shareholder of TransContainer, on 20 June 2013 that Russian Railways has entered into a framework agreement with JSC Kazakhstan Temir Zholy ("Kazakhstan Railways") and state entity Belarusian Railway ("Belarusian Railway") setting out basic principles of the proposed United Transportation and Logistics Company ("UTLC").
Russian Railways plans to contribute its equity stakes of 50%+2 shares in TransContainer and of 100% shares in JSC RZD Logistics to UTLC. Kazakhstan and Belarusian Railway are to contribute to UTLC their cross-border container terminals at Dostyk, Altynkol and Brest stations, as well as flatcar fleets and shares in their relevant subsidiaries, respectively. UTLC is expected to be registered as a Russian legal entity, subject to completion of all the necessary legal procedures and receipt of corporate and government approvals. The shareholding structure of UTLC is expected to be determined by the market value of assets contributed by each of Russian Railways, Kazakhstan Railways and Belarusian Railway.
TransContainer believes that the establishment of UTLC will help to unlock land transit potential and will have a positive impact on rail container transportation volumes and asset utilisation.
Despite the anticipated change at the level of the majority shareholder, TransContainer expects to continue to be listed on the London and Moscow Stock Exchanges and to follow the corporate governance principles applicable to internationally listed public companies.
The Company will keep the market informed about any further developments.
21 June 2013
Enquiries:
TransContainer | |
Andrey Zhemchugov, Director,Capital Markets and Investor Relations | +7 495 637 9178 +7 495 609 6062 |
IR@trcont.ru | |
Website | www.trcont.ru |
College Hill |
|
Tony Friend / Alexandra Roper | +44 (0) 20 7457 2020 |
About TransContainer
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 with a market share in these categories as of 31 December 2012 of approximately 59 percent, 50 percent and 26 percent, respectively. It operates more than 25,000 flatcars, approximately 61,000 containers and owns a network of 46 rail-side container terminals in Russia, 18 rail-side terminals in Kazakhstan through its subsidiary KedenTransService and operates one terminal in Slovakia. Company's sales network comprises approximately 140 sales outlets 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.