Mondi completes sale of Mondi Syktyvkar
Mondi has now concluded its exit from Russia. (Credit: Mondi)
On 17 September 2023 Mondi plc (“Mondi”) 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 (“Sezar Invest”) for a total cash consideration of RUB 80 billion.
Mondi is pleased to confirm closing has been accelerated and the sale has now completed. Mondi has therefore concluded its exit from Russia.
Mondi has 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.
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.
Source: Company Press Release