UWC Sells Its Stake in “First Heavy Haul Company”
PJSC “Research and production corporation “United Wagon Company” (“UWC” or the Holding) (MOEX: UWGN) reports the sale of its 19.9% share in JSC “PTK-Holding” (“First Heavy Haul Company” or “PTK”) to PromInvestWagon LLC, a subsidiary of Industrial Investors Group, for RUB 1,773 mln.
The Holding purchased shares in PTK from Industrial Investors Group in March 2017. The transaction amount was RUB 1,285 mln.
Dmitry Bovykin, First Deputy CEO, General Management, said, ‘Our holding shares in PTK was a transitional stage in the company’s history: it was a means of helping it set up its strategic objectives, and sharing our expertise in heavy haul operation, which eventually enabled PTK to carry on its business independently. Over the last year, PTK reaffirmed its leadership as the largest owner and efficient operator of heavy haul railcars. The company has built up a decent customer base and significantly developed its shipment solutions. We withdrew from this asset quite profitably having earned nearly 40% yield on the sale of this stake.’