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Mondi – the UK-headquartered global packaging and paper giant with its origins in South Africa – has concluded its exit from Russia with the finalisation of the sale of Mondi Syktyvkar and two other affiliates for RUB 80 billion in cash.
The company confirmed the finalisation of the exit in a Sens on Wednesday, which saw its share price firm just over 1.5% on the JSE.
“Mondi is pleased to confirm closing has been accelerated and the sale has now completed. Mondi has therefore concluded its exit from Russia,” the company declared in the Sens release.
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“On 17 September 2023 Mondi plc announced the agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities [together Mondi Syktyvkar] to Sezar Invest LLC… for a total cash consideration of RUB 80 billion [rouble],” it noted.
Read: Rouble sinks back to 100 versus dollar in new headache for Russia
Mondi said that it has since “received RUB 57 billion into its London bank account and it is in possession of a letter of credit for the final RUB 23 billion, which will be paid in two equal instalments in each of November and December 2023”.
The group is among several global companies to exit the Russian market – including the likes of McDonald’s Corp and BP – following that country’s war with Ukraine.
Meanwhile, Mondi said “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 share price
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