Russia’s AFK Sistema sells 50% in SG-Trans for 6 bln rbl

MOSCOW, Aug 31 (PRIME) -- Russian multi-industry holding AFK Sistema has closed a deal to sell a 50% stake in railway cargo operator SG-Trans to a group of undisclosed non-affiliated buyers for 6 billion rubles, the holding said in a statement on Wednesday.

Earlier on Wednesday, Kommersant business daily reported citing its sources that Sistema sold the subsidiary to a group of investors, including State Duma deputy Alexander Babakov.

Sistema President Mikhail Shamolin said in June that the company was selling its stake in the asset. An official of ISR Trans, controlled by former Vice President of Russian oil company Lukoil Iskander Khalilov, then said that his company was a potential buyer. ISR Trans withdrew from the deal in August after the Federal Antimonopoly Service turned down its clearance request.

Sistema owned SG-Trans on a parity basis with Vector Rail owned by CEO of Federal Freight Alexei Taicher and sons of Vice President of Russian Railways Salman Babayev.

(64.9072 rubles – U.S. $1)

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