It could take from 18 to 24 months to consolidate all enterprises of the State Railway Administration of Ukraine (Ukrzaliznytsia) into one joint-stock company, First Deputy Director General of Ukrzaliznytsia Maksym Blank has said.

"The first stage of the reform of Ukrzaliznytsia will take place during 1.5-2 years. Its essence is simple: to consolidate all enterprises of the administration, and we have more than 100 of them, into one joint-stock company with 100% state ownership, without diluting a stake, without future plans for raising capital, apart from debt capital," he said, speaking at the XVII International Capital Market Forum in Odesa organized by the PFTS stock exchange.

Blank said that the joint-stock company itself will be created early next year, maybe in February or March.

Asked if going public by Ukrzaliznytsia is the first step to the privatization of the enterprise, he said that the issue is not on the near-term agenda.

As reported, the law on the specifics of creating a joint-stock company of railway transport of general use signed on March 15, 2012 created the required legislative basis for the reformation of railways.

The Cabinet of Ministers of Ukraine at a meeting on June 25, 2014 approved a resolution on the creation of joint-stock company Ukrainska Zaliznytsia. Ukrainska Zaliznytsia, 100% of the shares of which will be in state ownership without the right to sell them, will be created on the basis of the Ukrainian Railway Administration (Ukrzaliznytsia), and over 50 railway enterprises are being reorganized via mergers.

The gradual transfer from the territorial-functional structure of management to the vertically-integrated one will be carried out.