Operail hoping to sell foreign rail car rental subsidiaries by year's end

Operail CEO Raul Toomsalu.
Operail CEO Raul Toomsalu. Source: Raul Mee

Estonian state-owned rail carrier Operail has sold a part of its cars in Ukraine and hopes to sell all of its rail car rental businesses in Ukraine, Kazakhstan, Mongolia and Uzbekistan, as well as its Finnish subsidiary by year's end.

"The situation with selling our rental business is that the first transaction is done and the money has been received. It concerned the smaller part of our cars in Ukraine. We want to sell all our remaining cars in Ukraine in the near future. I very much hope the contract will be signed this week," Operail CEO Raul Toomsalu told ERR on Tuesday.

"Then there will be cars that are mostly located in Kazakhstan, Mongolia and Uzbekistan. We want to sign contracts for their sale in a few weeks' time. Therefore, we will hopefully be out of that business by the end of they ear too," Toomsalu continued.

The head of Operail also said the company is working on selling its Finnish subsidiary that it also hopes to unload by year's end. "We want it to happen inside this year. Of course, we cannot guarantee anything and every day brings new developments. But it seems today that we are on schedule for getting it done in 2022," he remarked.

Toomsalu did not wish to reveal the buyers, adding that the Finnish subsidiary will be sold based on government instructions.

The Operail CEO emphasized that the company has not done business with Russian companies. "We have had no business in Russia. We have no links to Russian companies nor have we ever had a Russian client."

Operail is a state-owned rail company concentrating on transport, fleet repairs, construction and rent. It employs around 400 people.


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Editor: Mait Ots, Marcus Turovski

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