Republic of Karelia to sell stake in Kondopoga

The Russian republic of Karelia has announced the sale of its stake in OAO Kondopoga. Between 29 July and 01 August 2011, interested parties have the opportunity to bid for a block of shares of 10% in the newsprint manufacturer. The government of Karelia quoted the starting bid at RUB480m which corresponds to about €12m. One of Kondopoga’s shareholders is a Hamburg-based trading company. The majority of the shares is owned by employees. In 2010, the paper mill produced around 772,000 t of newsprint, 1.2% more than in 2009. Around two-thirds of the output is sold in export markets.