Stockholm, 2010-12-13 18:00 CET (GLOBE NEWSWIRE) --
RusForest AB (publ) ("RusForest" or the "Company") has received Russian anti-monopoly approval regarding the acquisition of initially 86 percent of OAO "LDK-3", a sawmilling operation located in the city of Arkhangelsk, in North West Russia, and 100 percent of OOO "Infa", a planing mill at the same site. The anti-monopoly approval was the last remaining condition for completion of the acquisition, which is now expected to take place before the end of the year.
LDK-3 currently has approximately 848 shareholders and through the acquisition of 86 per cent of LDK-3, RusForest will be obliged to make a mandatory bid for the remaining shares. For further details about the acquisition of LDK-3 and Infa, please see the press release issued by the Company on September 22, 2010, and the prospectus published in connection with RusForest's recently completed rights issue.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Erik Löfgren, External Relations, phone: +46 705 45 34 20
About RusForest AB (publ)
RusForest is a forestry and sawmilling company operating in Eastern Siberia, Russia, and controlling long term leases covering over 850 thousand hectares of forest land. Alongside Brazil, Russia has the world's largest forest reserves by a significant margin, and Eastern Siberia is world renowned for its Pine and Larch of exceptional quality.
Through a series of acquisitions and development projects, RusForest increased sawnwood production by 37.9 percent in 2009, to 166,333 m3, in spite of weak market conditions. RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia, with an annual harvest of 1.8-2.0 million m3 and an annual sawnwood production of 550,000-600,000 m3 during the coming four years.
RusForest AB's Certified Adviser on First North is E. Öhman J:or Fondkommission AB.
