Austrian Mondi will not sell Augment Syktyvkar timber processing plant
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The Austrian Mondi has decided not to sell its major Russian asset, the Syktyvkar timber processing plant in the Komi Republic, to Augment Investments Limited. The Group terminated the sale of its joint-stock company, which operates in the Ezhvinsky district of the Komi capital, of which it notified the management of Augment Investments Limited (Augment). We are talking about withdrawing from the agreement on the sale of Mondi SYK JSC.
A Kommersant source in the company clarified that such a decision “was the result of recent negotiations with Augment, there was no progress in obtaining the necessary permits to complete the transaction.” Therefore, as it was reflected in the terms of the contract, “the process of selling the plant will be terminated.”
The sale of SYK in Komi was first officially announced in August last year. Then there was talk of 95 billion rubles. (the amount of the transaction, which could take place with the approval of the commission of the government of the Russian Federation for the control of foreign investment). Augment, which was considering the acquisition, is an investment company majority-owned by Viktor Kharitonin and includes assets in the pharmaceutical and other sectors in Russia and Europe.
As of today, the board of directors of the group does not abandon plans to sell SYK, however, it will consider other alternative options in terms of selecting potential buyers. In addition, since the end of last year, three more Mondi enterprises based in the Russian Federation for the production of packaging have been on sale (the GOTEK group is going to be the buyer).
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