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Sep 18 2023, 15:20 IST/BST
Mondi has agreed the sale of its Russian Syktyvkar pulp mill to Russian company Sezar for RUB80bn (c.€775m) cash, payable in instalments, by end-February 2024. Positively, the transaction has already received Russian government approval. Subject to receipt, we expect Mondi to distribute €775m cash proceeds, equating to a potential c.€1.60/share special dividend in H1 2024. While welcoming this disposal, we retain our ‘Neutral’ view ahead of Mondi’s Q3 2023e trading update on October 19th.