WELLINGTON, New Zealand, Feb. 24 /PRNewswire/AsiaNet/-- Tranz Rail Holdings Limited (Nasdaq: TNZRY) today reported that it intends to acquire its ordinary shares in an open market share repurchase programme over the next twelve months. The Company intends to buy back up to five percent of its outstanding ordinary shares on the New Zealand Stock Exchange at prices up to a maximum of NZ$7.50 per ordinary share. Shares of Tranz Rail Holdings Limited are publicly traded on the New Zealand Stock Exchange under the symbol TRH and the US American Depositary Shares (ADS) of the Company are traded on the Nasdaq National Market System under the symbol TNZRY (each ADS is equivalent to three (3) shares). The Company is the leading multi-modal freight transport and distribution company in New Zealand and operates the only commercial railroad providing freight and passenger services utilizing 3,900 route kilometres (2,400 miles) of track, approximately 360 locomotives, 6,500 wagons (freight cars), 150 carriages (passenger railcars), 170 self propelled passenger railcars, 2,600 shipping containers and three roll-on-roll-off rail ferries between the North and South Islands. SOURCE Tranz Rail Holdings Limited -0- 02/24/98 /CONTACT: Ronald G. Russ, Executive Manager and Chief Financial Officer of Tranz Rail, Domestic 04-498-2099, or International 644-498-2099, or fax, 644-498-2014/ (TNZRY)