JSE-listed packaging and paper company Mondi has announced that it will sell its Russian subsidiary Mondi Syktyvkar to Sezar Invest for ₽80-billion, or about €775-million, which will be paid in a series of instalments.
The total cash consideration will be paid to Mondi in ruble and in six monthly instalments. The first payment will be made by the end of September.
Once the first four monthly instalments have been paid to Mondi, which is expected to be by the end of December, the disposal will complete and ownership of Mondi Syktyvkar will transfer to Sezar Invest and, accordingly, Mondi will have completed its exit from Russia.
The net proceeds from the disposal will be distributed to Mondi shareholders in a timely manner once all instalments are received.