RZD to Sell 25% in Russia’s Largest Sleeper Manufacturer
Russian Ministry of Economic Development, Ministry of Transport and Federal Property Agency agreed the sales of 25% in Beteltrans, the Kommersant reports. The share is now owned by OAO RZD and, by law, could be sold only upon the Government decision.
Beteltrans (BET) is Russia’s largest sleeper manufacturer. In 2014 50% minus two shares in the company was sold to T-Industriya, which requested sales of further 25% in 2015.
BET signed several contracts with OAO RZD for supply of 8.5 million sleepers p.a. until 2019. In case OAO RZD does not buy this amount, it has to pay substantial penalty fees - e.g. the penalties for 2015 reached 1.5 B RUB (23.6 M USD). The total amount of the contracts is estimated at 150 B RUB (236 M USD).
T-Industriya is owned by the Dutch Spoor Structuur Investering B.V (70%) and Russian Aqua Solid (30%). 99% of the latter company is owned by Igor Chaika, the younger son of the Russian Prosecutor General Yury Chaika.