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Russia: OAO RZD Intends to Attract USD6 Billion by 2010 by Selling Stakes in Subsidiaries

April 2008.

According to Mikhail Akulov, Vice-President of Russian Railways, announced this goal when speaking at the third Russia-Singapore Business Forum in Singapore.

During his speech on "The Reform and Strategic Development of Railways in the Context of Economic Growth", Akulov said that Russian Railways now includes over 130 subsidiaries and affiliated companies working in various areas of the rail sector. Akulov said that their turnover in 2008 will exceed USD9.4 billion or over 17% of the Company’s total turnover, OAO RZD's Department of Corporate Communications reports.

Russian Railways is currently preparing to sell shares in a number of subsidiaries, including on the stock exchange. A “pilot project” was the private placement of a 15% stake in OAO TransContainer , a subsidiary of Russian Railways, for about USD 320 million. Market reaction to the placement has exceeded expectations and demonstrated a high level of interest from private investors in the rail business, said Akulov.

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