Mondi to return €775m to shareholders after Russian asset sale

Mondi to return €775m windfall to shareholders after selling last Russian asset; proposes special dividend and share consolidation.

Mark Rogers

Mark Rogers

This news article is older than 30 days.

London-listed packaging group Mondi (LSE: MNDI) plans to return approximately €775 million to its shareholders following the sale of its Russian subsidiary, Joint Stock Co Mondi Syktyvkar. The company will propose a special dividend of €1.60 per share, totalling around €775 million, at a shareholder meeting on 15 January.

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To maintain its share price comparability, Mondi also proposed a 10-for-11 share consolidation. If approved, the payout will be made on 26 January. This comes after Mondi confirmed earlier this month that it had received the final instalments totalling €888.8 million from the sale of Syktyvkar, its last Russian asset, to Sezar Invest LLC.

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Including the €30.4 million from the July sales of its three Russian converting operations, the total net proceeds amount to approximately €775 million which Mondi is now returning to shareholders. Mondi shares were up 0.9% at 1,519.50p as of 12:00 GMT Tuesday. The stock is up 7% year-to-date.

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