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Mondi completes sale of Russian operations

Paper and packaging group Mondi yesterday said all the approvals for the sale of its three Russian packaging converting operations to the Gotek Group, for N$335,5 million, have been received and the sale completed.

On 15 December last year, the group announced that an agreement had been reached for the sale of the packaging converting operations.

“Mondi has received net proceeds of €30,4 million from this disposal into its Austrian bank account,” the group said in a statement.

Net proceeds from the sale of all the group’s Russian assets would be distributed to shareholders “as soon as reasonably practicable following receipt, once our exit from Russia has been completed”, the group said.

The proposed disposal of Mondi Syktyvkar, Mondi’s most significant facility in Russia, was not connected with the disposal of the three packaging converting operations.

“The board remains committed to divest Syktyvkar and continues to assess all alternative divestment options,” Mondi said.
– IOL News

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