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JSC Pasažieru vilciens Takes Over JSC VRC Zasulauks Block of Shares

Monday, 15 December, 2008

On 13 December 2007 SJSC Latvijas dzelzceļš raised JSC Pasažieru vilciens stock capital to 3.685 million lats.

All the newly issued shares are property investment. These shares that draw up 51% from JSC VRC Zasulauks stock capital, as well as buildings and railway access roads are held by SJSC Latvijas dzelzceļš and currently are taken over by JSC Pasažieru vilciens. Thus since 28 December 2007 shareholders of JSC Vagonu remonta centrs Zasulauks (Wagon Repairing Centre Zasulauks) are JSC Pasažieru vilciens (51%) and JSC Rīgas Vagonbūves rūpnīca (Riga Railcar Factory)(49%).

Edgars KREITS, Member of the Board and Head of Finance Department of JSC Pasažieru vilciens (PV), explained that this decision has been made considering it will ensure in long term qualitative technical maintenance of JSC Pasažieru vilciens rolling stock at reasonable prices, as well as provide gradual modernization of JSC VRC Zasulauks technological equipment.

JSC Wagon Repairing Centre Zasulauks was founded during the reorganization of Locomotive Rolling Stock Repairing Centre Zasulauks of SJSCLatvijas dzelzceļš (LDz). Repairing centre started its activity on 1 May 2003. It performs the following activities: all kinds of repairing, technical inspection, maintenance of electric trains ER2, ER2T, diesel trains DR1, shunting locomotives TEM2, TГM4, TГM3 and their aggregates, as well as turning of all kinds of locomotive wheel-pairs. 95% from all the orders are received from JSC Pasažieru vilciens.