OREANDA-NEWS. September 09, 2011. Bidders will be invited to purchase 64,239,325,613 uncertificated ordinary shares in the Russian Railways’ subsidiary First Freight Company at an open auction. These shares represent 75% of the company minus 2 shares, reported the press-centre of Russian Railways.

To be eligible, participants will be required to submit proposals in open form with the price of shares.

The auction’s terms provide for the disposal of the shares as one lot. Bidding will start at 125 375 000 000 roubles and each bid increment will be 500 million roubles.

The auction will be held in accordance with Decree No. 1315-r of the Government of the Russian Federation dated 28 July 2011 and resolutions of the Board of Directors at Russian Railways contained in Protocol No. 6 dated 19 April 2011 and Protocol No. 14 dated 30 August 2011.

TransCreditBank issued a notification that an auction of shares in the First Freight Company would take place on 28 October 2011.