N-Trans holding another SPO

As reported in Kommersant on 16 October 2012, Transportation Investments Holding Limited, owner of a 40.3 per cent interest in Russia’s largest rail freight operator Globaltrans and representing the interests of N-Trans Group) has announced plans for an SPO organised by Deutsche Bank, Morgan Stanley, JPMorgan and Sberbank CIB on the London Stock Exchange for 10 million GDR. As a result of the secondary offering, its interest will be reduced to 34.7 per cent.

The SPO comes as a surprise, only three months after a previous SPO in July 2012. No explanation has been given for the decision to hold another SPO so soon. While some attribute the sale to the need for the owners of Transportation Investments Holding Limited Nikita Mishin, Konstantin Nikolaev and Andrei Filatov to fund individual projects, which seems highly improbable, others claim that the move is due to a shareholder conflict and the desire of one of the shareholders to exit the business – Andrei Filatov.

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