After signing the purchase and sale agreement for shares of WCC Karellesprom PJSC between Karelia Pulp LLC and the Ministry of Property and Land Relations of the Republic of Karelia, the forest holding will receive another full co-owner — Karelia Pulp LLC.
43.88% of the shares are owned by Segezha Group of Forest Companies (part of Sistema JSFC). After all the necessary procedures are completed, Karelia Pulp LLC will become a new full-fledged owner of the block of 43.88% shares of WCC Karellesprom PJSC.
At present both papermaking giants in the Republic of Karelia plan to discuss further interaction regarding the development of their joint asset. The success of their joint work will determine the future of not only the Kondopoga PPM and the development of the Segezha PPM, but the socio-economic position of the Republic of Karelia overall.
Mikhail Shamolin, President and Chairman of the Board of Segezha Group, said: “We must work together on finding the most effective approaches to developing the forest raw materials base for WCC Karellesprom. We will be introducing the intensive model for use of forests and reforestation more actively as well as add modern methods of managing and controlling the turnover of wood.”
Source: Lesprom Network