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The Pravkomissa approved the sale of a stake in the RFP Group holding

The Pravkomissa approved the sale of a stake in the RFP Group holding
Photo: pixabay.com

The government commission approved the sale of 75% of the RFP Group Far East holding to the Japanese company Iida Group. Under the terms of the deal, the investor must invest $ 150 million in timber processing.

According to RBC, the sale was approved on November 29th. As noted by a representative of one of the RFP Group shareholders, the deal was approved on terms that were worked out by the relevant ministry together with the Japanese company.

In total, the deal was approved with three main conditions. Investments of $ 150 million are calculated until the end of 2026. With these funds, it is necessary to build timber processing facilities in the Far East, to launch elements of wooden housing construction. You also need to refinance the company's loans.

By the end of 2026, the total volume of timber processing, including deep timber processing, should grow 2,3 times to 1,7 million cubic meters per year.
Also, the average number of employees for the specified period should be maintained. Now it is 2 612 people. In total, about 2,5 thousand people are currently employed at the enterprises of the holding, namely in logging.

RFP Group is not only the largest enterprise in the Far East, but also the main exporter of timber to the APR countries. Key assets are Dallesprom and Flora; in addition, the company owns Amur Shipping Company. The enterprise leases 3,7 million cubic meters of timber permitted for felling.

As previously stated EastRussia, Roman Abramovich announced plans to sell part of RFP Group's assets back in 2020. But the exact parameters of the transaction and future investor decided by October 2021. 

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