Mondi investors okay EUR775 million special dividend after Russia exit

(Alliance News) - Mondi PLC said on Monday its shareholders had approved a special dividend following the sale of Joint Stock Co Mondi Syktyvkar in Russia early in December.

The Weybridge, England-based packaging firm had said in the middle of December it planned to return about EUR775 million in the form of the special payout after selling Syktyvkar to Sezar Invest LLC in October. This translates to the special dividend of EUR1.60 per share.

At a general meeting held on Monday, the company said shareholders had endorsed the special dividend and the share consolidation.

The packaging firm confirmed early in December it had received RUB80 billion, about USD888.8 million, from the sale of Syktyvkar, its last remaining facility in Russia.

The total sum includes the two remaining instalments in November and December, totalling RUB23 billion in aggregate. The proceeds had all been converted into euros.

Back in July, Mondi sold its three Russian packaging converting operations to Gotek Group for EUR30.4 million.

The net proceeds from the sale of Syktyvkar sold and the three converting operations amount to about EUR775 million.

Mondi first announced in March 2022 it was assessing all options for its interests in Russia after Moscow launched an invasion of Ukraine the previous month.

By Artwell Dlamini, Alliance News reporter

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