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Sinara Will Bid for 75% Minus Two Shares in Zheldorremmash

18.09.2012 16:15
Section: Different
Sinara Group of Companies will fight for the 75% minus 2 shares in Zheldorremmash OJSC, a subsidiary of RZD engaged in locomotive repair. The issue of this stake purchase will be discussed by shareholders of the Lyudinovsky Diesel Locomotive Plant OJSC (incorporated in Sinara) on October 11.

On Monday, the plant’s Board of Directors gave preliminary approval to purchase the stake in Zheldorremmash.

Simultaneously, the shareholders of the Lyudinovsky Diesel Locomotive Plant OJSC are to decide on the bank guarantee – a relevant contract may be concluded with Sberbank, Gazprombank, VTB, Alfa-Bank, and Transcreditbank.

RZD has already started the procedure of Zheldorremmash privatization. The starting price at the tender will be RUB 7.9 billion. Bids are taken from August 15 to October 12. The results of the tender will be reckoned up on November 1. The bidders are to make their proposals about the uptime of locomotives of each series in 2013-2017, which they agree to provide at Zheldorremmash when repairing and updating rolling stock.

RZD considers that other potential bidders are TMH-Service (a subsidiary of Transmashholding), Bombardier, Siemens, Alstom, and other companies (representatives of Siemens, however, used to say that Zheldorremmash is beyond the concern’s interest).

TMH-Service has been the only company that submitted an official application to the RF Federal Antimonopoly Service (FAS), but the FAS has asked for additional information.

Zheldorremmash was established in 2008 on the basis of the property of RZD’s 10 locomotive repair plants – in Yekaterinburg, Rostov-on-Don, Novosibirsk, Chelyabinsk, Yaroslavl, Astrakhan, Voronezh, Ulan-Ude, Orenburg, and Ussuriysk. Its revenue was RUB 31.2 billion in 2011; net profit amounted to RUB 170 million.

Translated by RZD-Partner.com

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