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…receiving about €1.5 billion (RUB 95 billion). In addition to JSC Mondi Syktyvkar, it’s most significant facility in Russia, Mondi owns three more processing plants in the cities of Lebedyan, Pereslavl and Aramil in the RF, which are not part of the deal
“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,” informs Kerry Cooper, Mondi Group Communication Director. “Accordingly, Mondi launched a competitive auction process to find a suitable new owner for Syktyvkar.”
The Syktyvkar assets (JSC Mondi Syktyvkar with two affiliated entities) to be transferred to Russian-owned Augment Investments Limited as part of the deal for a consideration of RUB 95 billion (around €1.5 billion at current exchange rate of 61.7 RUB/EUR at FX rate), payable in cash on completion, exclude a cash balance of RUB 16 billion (around €255 million), planned to be distributed as dividend to Mondi before completion.
The deal is expected to complete in the second half of 2022.
For reference
Syktyvkar is a wholly owned integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic, RF).
The business employs approximately 4,500 people being a leading provider of uncoated fine paper and containerboard to the Russian market.
The Syktyvkar mill can produce 1.2 million tonnes of market pulp and paper, including 300,000 tonnes of kraftliner, 200,000 tonnes of woodfree uncoated paper and 180,000 tonnes of newsprint.
For the year ended 31 December 2021, Syktyvkar reported revenues of €821 million, EBITDA of €334 million and profit before tax of €271 million.
For the six months ended 30 June 2022, Syktyvkar reported EBITDA of €225 million, the gross assets of the Business were €1,590 million while its net asset value was €1,203 million.
Mondi operates three converting plants in Russia, which are much smaller in size, not affiliated with Syktyvkar and not part of the deal. Mondi promises to provide an update on the divestment of these plants in due course.
Augment Investments Limited is an investment vehicle majority owned by sanctions-evaded Russian billioner Viktor Kharitonin, comprising assets in the pharmaceutical and other sectors across Russia, Europe and the United Kingdom.
Together with Roman Abramovich, Viktor Kharitonin is a co-owner of the largest Russian private pharmaceutical consortium, Pharmstandard.
In October 2014, Viktor Kharitonin also became a co-owner of one of the oldest race tracks in Europe – the German Nürburgring, where he owns 99% of the motorsports complex’s shares.
gofro.expert
