Page 164 - RusRPTMar23

Philip Morris International (PMI) has difficulties in selling its $2.5bn Russian business, the company said in an annual report on February 9. "In Russia, the environment for divestment has become increasingly challenging and complex", the company said. "PMI is continuously assessing the evolving situation in Russia, including: recent regulatory constraints in the market that entail very complex terms and conditions that must be met for any divestment transaction to be granted approval by the authorities; and restrictions resulting from international regulations." According to the company, the valuation does not include the account surplus, including about $600mn are cash and equivalents, mostly in rubles.
Swiss chocolate producer Lindt & Sprungli has started liquidation of its Russian affiliate, according to the data seen by PRIME in the united register for legal entities on February 9. Liquidation started on Wednesday, the deadline for liquidation is slated for January 30, 2024. The company said it will close its eight Russian stores and stop supplies there in March, and in August, it said it will leave Russia fully, but will support its employees in the country.
9.2.6 Agriculture corporate news
9.2.7 TMT corporate news
Cherkizovo Group, one of the leading producers of meat products in the Russian Federation, increased its revenue under IFRS to 184.3bn rubles in 2022 from 160.2bn rubles in 2021, according to the company's report.
● Yandex
A deal to buy Yandex a 29% stake in a joint venture with Uber, was approved by a subcommittee of the government commission for the control of foreign investment, TASS reports on February 27.
“De facto, this deal has been agreed. The deal there is good, the conditions are super for Uber. The subcommittee already made this decision last week,” the source said. According to him, the discount on the transaction amounted to at least 50% in relation to the estimated value.
In early February, information appeared that Yandex had agreed to buy out a 29% stake in Uber in the MLU BV joint venture. RBC , citing a source close to the deal, specified that the buyout amount would be approximately $925 million.
When Yandex bought out shares in Yandex . Food, Lavka, Delivery and a unit specializing in drones for $1 billion from Uber in August 2021, the parties
164 RUSSIA Country Report March 2023 www.intellinews.com