Mondi Group, UK, announces its withdrawal from its sale agreement with Augment Investments Limited, UK. The agreement involved the sale of Mondi’s Joint Stock Company Mondi Syktyvkar in Russia along with two affiliated entities to Augment.
Jun 5, 2023
Mondi plc, UK, confirms its withdrawal from the agreement to sell its most significant facility in Russia, Joint Stock Company Mondi Syktyvkar, along with two affiliated entities to Augment Investments Limited, UK.
The Board remains committed to divesting Syktyvkar and will continue to assess all alternative divestment options. The proposed sale of the group’s three Russian packaging converting operations to Gotek Group, as announced on 15 December 2022, shall not be affected by the above withdrawal. The transaction with Gotek Group remains in progress.
The withdrawal follows recent discussions with Augment on its lack of progress in gaining the necessary approvals to complete this transaction. As per the terms of the Sale and Purchase Agreement, the Disposal to Augment will therefore be terminated and will not be completed.