Mondi to return proceeds from sale of Russian assets via special dividend

7th Dec 2023 12:34

(Sharecast News) - Mondi said on Thursday that it had received the final payments from the sale of its Russian assets and that net proceeds of around €775m would be distributed to shareholders in the form of a special dividend with an associated share consolidation.

The paper and packaging group announced in September that it had agreed to sell its last remaining facility in Russia.

"Distributing the net proceeds by way of a special dividend allows for a timely return of cash to Mondi shareholders," it said.

"The accompanying share consolidation is intended, as far as possible, to maintain the comparability of the company's share price before and after the special dividend is paid."

If approved, the special dividend is expected to be paid, and the share consolidation to take effect, in the first quarter of 2024.