The European Bank for Reconstruction and Development (EBRD) as purchased a 9.25-percent stake in TransContainer, the press office of Russian Railways reported today according to RBC. The company's Board of Directors approved the sale of a 15-percent stake in the operator of Russia's largest fleet of container flat cars by absentee vote on January 21, 2008. The decision was made on the basis of a tender for the company's shares. Among other buyers of TransContainer's shares are Moore Capital Management, LLC (2,5%), GLG Emerging Markets Fund (2,5%), and Troika Dialog Investments Limited (0,75%).
As a result of the deal, TransContainer's capitalization amounts to RUB 52.2bn (approx. USD 2.14bn). Meanwhile, Russian Railways' proceeds from the sale of its stake stood at RUB 7.8bn (approx. USD 319m), and the company is planning to use the funds to finance its investment program.