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SSA - AFK Sistema PAO News Story

$8.01 -0.2  -2.7%

Last Trade - 30/07/21

Sector
Telecoms
Size
Large Cap
Market Cap £2.77bn
Enterprise Value £9.96bn
Revenue £6.90bn
Position in Universe 262nd / 1800

UPDATE 1-Russian forestry group Segezha aims to narrow gap with global players

Thu 3rd June, 2021 1:43pm
(Adds detail, quotes, background)
    By Katya Golubkova
    MOSCOW, June 3 (Reuters) - Russian forestry group Segezha
 SGZH.MM  is considering potential acquisitions to expand its
resource base and narrow the gap with the global rivals such as
International Paper  IP.N , President Mikhail Shamolin told
Reuters. 
    Segezha, controlled by conglomerate Sistema  AFKS.MM ,
raised 30 billion roubles ($410 million) from its initial public
offering in April, which Shamolin said would be used to reduce
the company's debt as soon as this autumn. 
    One of Russia's top forestry groups, Segezha is still up to
10 times smaller than the likes of International Paper, he said,
and the company would try to use acquisitions in its domestic
market to narrow the gap. 
    "At this stage, we are looking at mergers and acquisitions
in Russia," Shamolin said, adding that organic growth remains a
priority. 
    He did not provide timing or other details for potential
deals. 

 (Reporting by Katya Golubkova
Additional reporting by Olga Popova
Editing by David Goodman)
 ((ekaterina.golubkova@thomsonreuters.com; +7 495 775 1242;))
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