INTERCONTAINER BECOMES A JOINT STOCK COMPANY

INTERCONTAINER BECOMES A JOINT STOCK COMPANY    Intercontainer-Interfrigo, the European intermodal operator, has changed its structure from that of a cooperative of railways to become a joint stock company owned by shareholders.
   “For the owners of Intercontainer-Interfrigo, the company’s legal status as a cooperative was no longer in line with the times with the advent of the deregulated transport market,” the intermodal operator said.
   Zeno Baggio was appointed to be the new chairman of the board of Intercontainer-Interfrigo. Ren' Hellinghausen, previously chairman and chief executive officer, is now CEO.
   Intercontainer-Interfrigo said that its new legal status will give it a more stable capital base. Unlike cooperatives, the share capital of joint stock companies is not subject to variation, it said.
   In addition, the role of the former partners, now shareholders of the new joint stock company, is clearly defined, it said. This enables an unambiguous distinction to be made between their rail traction provider and shareholder roles.
   “As a joint stock company, Intercontainer-Interfrigo will now be better placed to diversify its shareholder profile in the medium term and will have wider access to investment for new developments,” it said.