By Joe Hoppe
Imperial Brands PLC said Wednesday that it will sell its Russian business to investors in the country, and estimates a 225 million pound ($292.5 million) non-cash write-off from the deal.
The FTSE 100 tobacco group said the transfer to Russian investors is subject to finalization of the registration of the transaction with local authorities, expected shortly.
The operations include a sales-and-marketing business, and a factory in Volgograd.
The company said there is no change to its prior guidance on the financial hit from its exit from Russia and suspension of operations in Ukraine. In fiscal 2021, Russian and Ukrainian markets represented around 2% of net revenue and 0.5% of adjusted operating profit, it said.
The company said it expects to treat the GBP225 million non-cash write-off as an adjusting item.
Shares at 1512 GMT were up 3.0 pence, or 0.2%, at 1,678.5 pence.
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(END) Dow Jones Newswires
April 20, 2022 11:30 ET (15:30 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.