LONDON (dpa-AFX) - Mondi plc (MNDI.L), a packaging and paper products company, announced on Monday that it has agreed to sell its last facility in Russia Mondi Syktyvkar together with two affiliated entities to Sezar Invest LLC a unit of real estate development company Sezar Group.
The total consideration is RUB 80 billion or 775 million euros which will be paid in six monthly installments in cash. The first four installments will be RUB 13.5 billion each with the first payment to be made by September end.
The payment of four instalments is expected to be completed by December end and the complete ownership of Mondi Syktyvkar will be transferred to Sezar Invest. With this transaction, Mondi will be completing its exit from Russia.
'The final RUB 26 billion will be paid in two equal instalments in each of the two months post completion. These payments will be secured by a letter of credit issued to Mondi prior to completion,' the company said in a statement.
The net proceeds from the disposal will be distributed to shareholders of Mondi in a timely manner upon receiving all the installments from Sezar Invest.
On Friday, shares of Mondi closed at 1337 pence up 1.36% on the London Stock Exchange.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
