Potential sale UK- and Austria-based Mondi has announced it has entered into an agreement to sell its Russia-based facility, Mondi Syktyvkar, along with two affiliated entities to Augment Investments Ltd for some RUB 95 billion (€1.5 billion).
“The Disposal is conditional on the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals. The Disposal is also subject to the approval of Mondi’s shareholders at a General Meeting,” the manufacturer said in a statement.
Mondi said that Syktyvkar is a pulp, packaging paper and uncoated fine paper mill based in Syktyvkar, in Russia’s Komi Republic.
“The proposed Disposal follows Mondi’s announcement on 4 May 2022 that, having assessed all options for the Group’s interests in Russia, it had decided to divest its Russian assets. Accordingly, Mondi launched a competitive auction process to find a suitable new owner for Syktyvkar,” according to the statement.