Mondi wraps up Russia exit with Syktyvkar sale
Shareholders to receive net proceeds after R15.5bn payment from Moscow-based property development company
04 October 2023 - 14:50
Multinational packaging and paper group Mondi has finally completed the sale of remaining business in Russia amid ongoing sanctions against the country over its war in Ukraine.
Mondi Syktyvkar was sold to Sezar Invest, a Moscow-based real estate development company, for 80bn roubles (R15.5bn), the JSE- and London-listed Mondi said in a statement on Wednesday. Net proceeds from the sale of all its Russian assets would be distributed to shareholders once the final instalments have been received, it added...
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