PRESS: Auction to sell 50% of TransContainer may take place 2019

MOSCOW, Jun 19 (PRIME) -- An auction to sell 50% of Russian container shipping company TransContainer may be announced in August and held in 2019, Kommersant business daily reported on Tuesday citing sources familiar with results of a government meeting.

One of the sources said that the government decided to continue privatization of the company on previous conditions including an open auction and minimal restrictions.

The major restriction is prohibition to resell the stake as it may be bought by a direct contender.

The government also decided to allow Russian Railways to set up an own container operator and use funds raised in the auction for this purpose.

United Transport and Logistics Company (UTLC) of Russia, Belarus, and Kazakhstan owns 50% plus two shares in TransContainer. Russian Railways plans to withdraw this stake from UTLC and sell it at an auction.

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