(Alliance News) - Mondi PLC on Wednesday announced that it had completed its exit from Russia as it sold its last remaining facility in the country, Joint Stock Co Mondi Syktyvkar, to Sezar Invest LLC.
The Weybridge, England-based packaging firm said the RUB80.0 billion, around GBP662.6 million, sale will be fully paid by Sezar by December. Mondi so far has received RUB57 billion and will receive the remaining RUB23 billion in two equal instalments.
"It is intended that the net proceeds from the sale of all Mondi's Russian assets will be distributed to Mondi shareholders in a timely manner once the final instalments of the consideration in respect of Mondi Syktyvkar have been received," Mondi said.
Mondi shares rose 1.8% to 1,356.50 pence each on Wednesday in London, and rose 2.0% to ZAR318.35 in Johannesburg.
By Tom Budszus, Alliance News reporter
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Mondi (MNDI)