October 20, 2017 / 4:42 PM / in a year

Russia's Globaltruck plans to use IPO cash to renew fleet

MOSCOW, Oct 20 (Reuters) - Russian haulage company Globaltruck Management plans to use some of the funds it raises from a forthcoming Moscow IPO to renew its fleet, owner and CEO Aleksandr Eliseev told Reuters, while declining to say how much the firm hoped to net.

In an interview, Eliseev said the firm planned to double the size of its fleet of trucks and trailers in three to four years. It currently has 1,090 trucks and 1,170 trailers.

“We have a clear strategic vision to become the national champion in the FTL-segment (full truck load) in Russia, thus our task is to double the fleet in the next three to four years”, said Eliseev.

In 2018, he said it expected to increase the overall number of trucks and trailers it owned by 350-450. That, he estimated, might cost about 5 billion roubles ($86.88 million).

Eliseev said his firm was betting on the growth of Russia’s retail sector, which it serves, and that it was not looking at paying out a dividend until 2020 at the earliest due to its investment plans.

$1 = 57.5525 roubles Reporting by Gleb Stolyarov; Writing by Anna Rzhevkina; Editing by Andrew Osborn and Adrian Croft

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