MOSCOW, May 30. /ITAR-TASS/. First Cargo Company, a subsidiary of UCL Holding belonging to Russian businessman Vladimir Lisin, still plans to hold an initial public offering (IPO), but sees current market conditions as unfavorable, First Cargo Company Executive Director Alexander Sapronov told PRIME news agency Friday.
“Yes, this is prescribed in our strategy, but the market is unfavorable, it is unprofitable to go to the market now,” Sapronov said.
First Cargo Company said earlier that UCL Rail, the parent company of First Cargo Company and an affiliate of UCL Holding, would be ready for floatation in 2013.