OREANDA-NEWS. On September 23, 2008 In response to journalists’ questions in Berlin regarding the timing of the sale of shares in the Company’s subsidiaries Transcontainer and Refservis, Vladimir Yakunin, the President of Russian Railways, stated, reported the press-centre of Russian Railways:

“The current state of the financial markets is of course not as profitable for such operations. But we do not need the money so much that we intend to sell expensive companies on the cheap. I haven’t said that we were going to suspend the sale of stakes in our subsidiaries on the market. We will proceed after taking into account the prevailing conditions of Russian and international financial markets,” said the President of Russian Railways.
 
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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. The Russian Government is currently examining requests for permission to sell shares of these companies.

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.