| Wed 8 Sep 2010, 12:50 | | MND/MNP - Mondi Limited/Mondi plc - Mondi Group sells 25.1% interest in Mondi |
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MND MNP
MND MNP
MND/MNP - Mondi Limited/Mondi plc - Mondi Group sells 25.1% interest in Mondi
Hadera Paper Ltd
Mondi Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1967/013038/06)
JSE share code: MND ISIN: ZAE000097051
Mondi plc
(Incorporated in England and Wales)
(Registration number: 6209386)
JSE share code: MNP ISIN: GB00B1CRLC47
LSE share code: MNDI
As part of the dual listed company structure, Mondi Limited and Mondi plc
(together "Mondi Group") notify both the JSE Limited and the London Stock
Exchange of matters required to be disclosed under the JSE Listing Requirements
and/or the Disclosure and Listing Rules of the United Kingdom Listing Authority.
8 September 2010
Mondi Group sells 25.1% interest in Mondi Hadera Paper Ltd
Mondi confirms that it has signed an agreement with Hadera Paper Ltd., for the
sale of 25.1% of its shares (the "Shares") in Mondi Hadera Paper Ltd. (the
"Company"). After completion of the transaction, Hadera Paper Ltd. will hold 75%
of the shares in the Company and Mondi will retain a minority interest of 25%.
The Company is a non-integrated paper mill located in Israel with capacity to
produce 145,000 tonnes per annum of office and printing papers, which are
predominately sold in the local market.
The Shares are to be sold for a consideration of EUR10.4 million. The
consideration will be satisfied in cash at completion and will be used to reduce
Mondi`s net debt. The value of the Company`s gross assets amounted to EUR84.9
million as of 31 December 2009 and its profit before tax for the year ended 31
December 2009 amounted to EUR5.3 million. Net debt as of 31 December 2009 was
EUR13.9m. It is estimated that the transaction will give rise to a marginal gain
on disposal.
With this divestiture Mondi`s European uncoated fine paper business will focus
its development around the core central European and Russian production base
while retaining an exposure to the value inherent in the Company through its
remaining 25% interest.
The completion of the deal is conditional on the approval of the relevant
competition authorities.
Contact
Lora Rossler
Mondi Group
Tel: +27 31 451 2111
Email: lora.rossler@mondigroup.co.za
Chloe Webb
Financial Dynamics
Tel: +27 11 214 2421
Email: chloe.webb@fd.com
Sponsor: UBS
About Mondi
Mondi is an international paper and packaging company, with production
operations across 31 countries and revenues of EUR5.3 billion in 2009. The
Group`s key operations are located in central Europe, Russia and South Africa
and employed 31,000 people on average in 2009.
Mondi is fully integrated across the paper and packaging process, from the
growing of wood and the manufacture of pulp and paper (including recycled
paper), to the conversion of packaging papers into corrugated packaging and
industrial bags.
The Group is principally involved in the manufacture of uncoated fine paper
(UFP), packaging paper and converted packaging products, as well as speciality
products.
Mondi has a dual listed company structure, with a primary listing on the JSE
Limited for Mondi Limited under the ticker code MND and a premium listing on the
London Stock Exchange for Mondi plc, under the ticker code MNDI. The Group has
been recognised for its sustainability performance through its inclusion in the
FTSE4Good UK, Europe and Global indices in 2008 and 2009 and the JSE`s Socially
Responsible Investment (SRI) Index in 2007, 2008 and 2009.
Date: 08/09/2010 12:50:01 Produced by the JSE SENS Department.
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