Level 2

Rustranscom delays IPO following approaches from private equity

By Duncan Ferris

Date: Tuesday 23 Apr 2019

Rustranscom delays IPO following approaches from private equity

(Sharecast News) - Rustranscom on Tuesday confirmed that it has postponed a planned initial public offering on the London Stock Exchange in favour of a private equity transaction.
The Russia and Kazakhstan-focused rail freight outfit had said earlier in the month that it would seek to raise around $300m in an offering of primary shares, in what would be the first London listing of a Russian company since energy and aluminium group EN+ in November 2017.

A statement from the company said: "Earlier this month RTC published the Intention to Float as part of the preparation to the initial public offering of global depository receipts representing the company's ordinary shares. The access to public capital markets was viewed by RTC principal shareholders as one of the possible tools to finance the group's growth-oriented strategy."

However, the company said it has now received 'several proposals' regarding private equity transactions that were better aligned with its strategy, which includes seeking an increased market share in core rail freight transportation segments, enhanced logistics and operational efficiency, and providing comprehensive logistical solutions to customers.

RTC has offered no further details of the nature of the proposals.





..

Email this article to a friend

or share it with one of these popular networks:


Top of Page