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Russian Railways may sell stake in Gefco -Kommersant
May 30, 2017 / 2:27 PM / 6 months ago

Russian Railways may sell stake in Gefco -Kommersant

MOSCOW, May 30 (Reuters) - Russia’s state railway monopoly is considering selling a stake in logistics firm Gefco, the head of Russian Railways told the Kommersant business daily.

Gefco, whose main business is servicing the car industry, is a former subsidiary of France’s PSA Group. The French carmaker sold 75 percent of the company to Russian Railways in 2012 and still owns a 25 percent stake.

“The option of a sale is being considered. From our point of view, to manage it is enough to own 50 percent plus one share,” Kommersant quoted Oleg Belozerov as saying in an interview published on Tuesday.

Russian Railways has “certain conditions concerning Gefco” and is discussing them with a number of partners, including the state-backed Russian Direct Investment Fund, Belozerov said.

Gefco said last week that its 2016 operating earnings rose by almost a third to 173 million euros ($193 million) and sales rose 1.3 percent to 4.2 billion euros. The company said it was seeking unspecified new partnerships in 2017.

It recently won an exclusive five-year, 8 billion euro contract from PSA to manage and optimise the French carmaker’s entire global manufacturing supply chain. (Reporting by Jack Stubbs in Moscow and Gilles Guillaume in Paris; Editing by Susan Fenton)

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