(Sharecast News) – Paper and packaging group Mondi said it had sold its last remaining facility in Russia to Sezar Invest for 80bn roubles (€775m).

Both the Russian Federation’s Federal Anti-Monopoly Service and Government Sub-Commission for the Control of Foreign Investments have approved the sale, Mondi said in a statement on Monday. Western companies have exited Russia after sanctions were imposed in response to Moscow’s unprovoked invasion on neighbouring Ukraine.

The cash will be paid to Mondi in six monthly instalments. The first four monthly payments will be for RUB 13.5bn each, with the first payment made by the end of September 2023. The final RUB 26bn will be paid in two equal instalments in each of the two months post completion.

Mondi added that the net proceeds from the disposal will be distributed to shareholders “in a timely manner” once all instalments are received.

Reporting by Frank Prenesti for Sharecast.com

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