Globaltrans Investment said Friday that it would ask shareholders to approve a doubling of its share capital to finance growth.
Russia’s largest private rail freight operator said in September that Russian rail freight shipments should stabilize or rise in the second half of 2009. Globaltrans will hold an extraordinary shareholders meeting Nov. 23 on the issue.
“The post-crisis market may offer us interesting opportunities for both organic and nonorganic growth, which we may want to finance by issuing new equity,” chairman Alexander Yeliseyev said in a statement.
Globaltrans wants to invest in new wagons to deliver more freight from steel mills, which accounted for 60 percent of all cargo in the first half of 2009.
Also Friday, VTB Capital raised its target for Globaltrans shares to $12.6 per Global Depositary Receipt, from $5.2 now, thanks to a better economy. The GDRs gained 8.1 percent to $8.9 in London on Friday.
(Reuters, MT)
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