Stockholm, 2010-10-08 18:00 CEST (GLOBE NEWSWIRE) --
The Board of Directors of the seller has formally approved RusForest AB's (publ) ("RusForest" or the "Company") acquisition of 86 percent of OAO "LDK-3" and 100 percent of OOO "Infa", a sawmilling operation located in the city of Arkhangelsk, in North West Russia, and a planing mill located on the same site. RusForest will now start the process for Russian anti-monopoly approval of the acquisition, which is expected to be attained before the end of the year. For further details about the acquisition, please see the press release issued by RusForest on September 22, 2010.
About RusForest AB (publ)
RusForest is the only listed Russian forestry and sawmilling company, with operations based in Eastern Siberia and long term leases covering over 850 thousand hectares of forest land. 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% in 2009, to 166,333 m3, in spite of weak market conditions. RusForest has a number of exciting development projects, in particular the turn-key sawmill in Magistralny which is expected to add a further 50% to RusForest's sawnwood volumes upon completion.
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: +7 910 417 7670
RusForest AB's Certified Adviser on First North is E. Öhman J:or Fondkommission AB
