AFK Sistema PAO logo

SSA - AFK Sistema PAO News Story

$8.05 0.1  1.6%

Last Trade - 2:30pm

Large Cap
Market Cap £2.83bn
Enterprise Value £10.51bn
Revenue £7.49bn
Position in Universe 267th / 1785

EXCLUSIVE-Russian forestry group Segezha eyes European listing

Tue 7th September, 2021 3:00pm
By Olga Popova and Katya Golubkova
    MOSCOW, Sept 7 (Reuters) - Russian forestry group Segezha
 SGZH.MM  is considering a European listing at the end of next
year or in early 2023 as it pursues aggressive expansion plans
and accelerated earnings growth, a senior executive told
    Moscow-listed Segezha, which has forestry assets in Russia
and paper packaging plants in Europe and Turkey, is targeting
core annual earning of 100 billion roubles ($1.4 billion) by
2025, up from 17.5 billion roubles last year, said Rovshan
Aliyev, the company's vice-president for finance and investment.
    "As we grow, we will consider a dual listing of our shares
... We may return to this question by the end of 2022 or early
2023," Aliyev said.
    "Most likely, this would be Europe, not the United States,
given European companies account for the bulk of the pulp and
paper industry." 
    Segezha is the world's second-biggest producer of multiwall
sack paper and industrial paper sacks behind London-listed Mondi
 MNDI.L , which reported core earnings of 1.4 billion euros last
    Segezha is 72% owned by Russian conglomerate Sistema
 AFKS.MM , with 24% of its shares in free float after its Moscow
stock market listing last April.*:nL1N2ML0MC 
    The company could also consider paying additional dividends
this year, Aliyev said, citing expectations for forecast-busting
profit without disclosing figures. It will also continue to
expand in Russia and invest in its European assets, he said. 
    Segezha last month reported that it had swung to a 7.6
billion rouble net profit in the first half of the year, against
a 2.11 billion rouble loss in the same period last year.*:nS8N2OQ0C3 
($1 = 73.2520 roubles)

 (Reporting by Olga Popova and Katya Golubkova
Editing by David Goodman)
 ((; +7 495 775 1242;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.