Fesco Wants TransContainer

Fesco Transportation Group plans to gain a controlling stake in TransContainer in two to four years, chief executive Sergei Generalov said Wednesday.

“It will happen” when Russian Railways, the state rail monopoly, sells control of its units, Generalov said.

The shipper, which bought 12.5 percent of TransContainer for $139 million in an initial public offering last week, used its own funds for the purchase, he said. Fesco has enough funds and doesn’t plan to sell stock, Generalov said.    

Deputy Transportation Minister Andrei Nedosekov said Monday that Russian Railways may sell a controlling stake in TransContainer in 2012-13 to help finance investments.

(Bloomberg)


Read more