Exec says Russia’s Sistema eyes IPO of Segezha Group in 2020

NOVOPLASTUNOVSKAYA, Krasnodar Region, Mar 15 (PRIME) -- Russian multi-industry holding Sistema plans to hold an initial public offering (IPO) of its pulp and paper subsidiary Segezha Group in 2020, Senior Vice President Ali Uzdenov told reporters on Thursday.

“It is planned for 2020,” he said. “Everything has been going on in accordance with our plans…We will focus on the green approach to our work over the next two years, on environmental friendliness, on careful work with forests.”

In November, the then-President of Sistema Mikhail Shamolin said that the company may float Segezha Group in 2019, but in February, Sistema’s core owner Vladimir Yevtushenkov said that the IPO may happen even earlier. Earlier in March, a source close to Sistema told PRIME that Shamolin would become Segezha Group’s CEO and a minority owner.

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