Russian Railways has decided to postpone a planned open auction to sell 25% of the share capital + 1 share of Open Joint Stock Company Refservis, scheduled for 18 December 2008, since the requisite number of nominations was not reached.
Preparations for the auction revealed strong interest of market participants in the asset, but investors felt unable to participate in the bidding due to the difficult conditions currently prevailing in the financial markets.
Russian Railways intends to proceed with the sale of a stake in Refservis in 2009.