Mondi concludes corporate structure simplification into a single holding company
The group will retain its primary listing on the London Stock Exchange and secondary listing on the JSE.
Mondi announced that it has completed the simplification of its dual-listed structure into a single holding company, Mondi plc.
The packaging and paper group said on Monday that it has terminated the arrangements between Mondi Plc and Mondi Limited, which the boards of the two entities announced that they would do in November 2018.
The intention of the move is to simplify cash and dividend flows, increase transparency, remove the complexity associated with a dual listing structure, and enhance the flexibility of the company.
In addition, the simplified structure will facilitate continued investment into the country’s South African operations, estimated at over R8 billion over the next five years, which was a Competition Commission’s condition of approving the restructuring.
Mondi plc will retain its premium listing on the London Stock Exchange and will have an inward secondary listing on the Johannesburg Stock Exchange.
Andrew King has retained his position as the CFO of Mondi, and Peter J Oswald remains the CEO.