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Russian Railways Creates Coach Repair Subsidiary

April 2008.

The Management and Board of Directors of Russian Railways have decided to form a subsidiary from the Tambov, Voronezh and Novorossisk coach repair factories.

The new company, WagonRemMash, will become Russian Railways' main company for repairing coaches, and may in the future engage in coach production, OAO RZD's Department of Corporate Communications reports.

Russian Railways will be WagonRemMash’s main customer and account for about 80% of orders, while services to outside companies will account for 18-24% of orders.

WagonRemMash has an authorised capital of 4,073,725,000 roubles, which will come from the assets of factories and working capital. Russian Railways will own 100% of WagonRemMash minus 1 share.

The new company plans to spend 1.6 billion roubles on its investment programme during 2008 to 2012, including provision to modernise the productive base, increase the number of repairs and the manufacture wheel sets.

Financing for the investment programme will come from internal and outside funds. By 2012, WagonRemMash could take out loans amounting to between 1.5-3.5 billion roubles.

It is planned to sell a minority stake in WagonRemMash through an auction by the end of 2010.

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