TransContainer Receives 500 Mln Rubles In Dividends From Kazakh JV
MOSCOW. March 29 (Interfax) – TransContainer (MOEX: TRCN) has received its first significant dividends from its participation in a joint venture with Kazakh railways in 2016.
According to a company report, Logistic System Management B.V., the holding company through which TransContainer and Kazakhstan Temir Zholy each control 50% in Kedentransservice, paid out 1.02 billion rubles to shareholders, which means both participants in the joint venture received slightly over 500 million rubles each. The report did not specify for what period those dividends were calculated for.
TransContainer earlier reported that it would receive this sum. In its previous report it revealed that in January 2016 it had received 145 million rubles in dividends from Logistic System Management. The company did not report dividends from the joint venture in previous years before that.
Kedentransservis operates 19 railway terminals in Kazakhstan. TransContainer invested in the company in 2011 “to enable the group to enter Kazakhstan railway service market.”
TransContainer (LSE ticker: TRCN) is the leading intermodal container transportation company in Russia. It is the market leader in Russia by flatcar fleet size, container transportation by rail and rail-side container terminal throughput. As of 31 December 2016, it owns a network of 45 rail-side container terminals in Russia, 19 rail-side terminals in Kazakhstan (through its joint venture company KedenTransService) and operates one terminal in Slovakia. Company’s sales network comprises 115 sales offices across Russia as well as presence in the CIS, Europe and Asia. TransContainer is listed at Moscow Exchange and LSE. Company’s major shareholder with 50% +2 shares is United Transportation and Logistics Company, established by Russian Railways, Belorussian Railway and Kazakhstan Temir Zholy.