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Russian railway monopoly set to raise $333 mln by selling subsidiaries in 2015

January 29, 2015, 17:09 UTC+3 SAINT-PETERSBURG
The company gained more than $116 million from selling subsidiaries in 2014
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© ITAR-TASS/Ruslan Shamukov

SAINT-PETERSBURG, January 29. /TASS/. JSC Russian Railways is expecting to have a revenue of around 23 bln rubles ($333 mln) from selling certain subsidiary companies in 2015, according to Valery Reshetnikov, RZD Senior Vice President.

The company gained more than 8 bln rubles ($116 mln) from selling subsidiaries in 2014, Vladimir Yakunin, RZD President said in December, 2014.

"We have a complete program [of selling non-core assets - TASS]. It is still a different matter who we will sell them to. We are selling slowly, but the market is still weak" - Reshetnikov said.

The major subsidiaries to be sold are rail car repair companies, VRK-2 and VRK-3, he reminded. However, it may be a problem to sell them considering the current economic situation. "These are large facilities that lack workload," he added. In case of an auction, the two companies will be revaluated, according to him.

VRK-2 and VRK-3 shares' nominal value equals 8.96 bln rubles ($130 mln) and 7.02 bln rubles ($101 mln) respectively. Each of the companies has at its disposal more than 35 train car repair depots across Russia.

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