Russian Railways have announced the auction to sell 50% + 2 shares in TransContainer will be held on November 27, 2019. Formally, the share belongs to United Transport Logistics Company. The auction is to be organized by VTB Capital bank.
All in all, 6,947,391 ordinary shares with a nominal value of 1,000 rubles each are to be tendered. The start (minimal) price of the stock is 36.1559 bn rubles.
To participate, the bidders are to install a deposit amounting to 10% of the start price. Bids are accepted from August 8 till November 15.
In April this year, the Government approved a directive to sell the RZD-controlled share in TransContainer. It stipulated that bidders could be companies controlled by Russian citizens, not affiliated with federal or regional/local authorities, with no losses recorded in 2018 and not controlled by shipping lines.
Also, the requirement was that the bidders should own either no less than 20% in TransContainer, or no fewer than 5 thousand railcars, or a container terminal with a capacity no less than 50,000 TEU as of 2018.
The buyer is not allowed to sell the share in TransContainer or in its own capital stock, otherwise a penalty amounting to 25% of the deal cost is to be paid. Another obligation is to fulfill the transportation plan set by TransContainer’s strategy during the year when the deal is made and the two consequent years.
At present, 50% + 2 shares in TransContainer belong to UTLC, 24.84% to VTB bank, 24.74% to Yenisey Capital controlled by Evraz beneficiaries Roman Abramovich and Alexander Abramov, and 0.43% is free float.
TransContainer posted 9.5 bn rubles of net profit for 2018, up 45.5% year-on-year, the company’s assets as of December 31, 2019 were worth 68.1 bn rubles, while the net debt made 1.8 bn rubles.