On 31 May 2023, Bonava announced that it had reached an agreement with RBI Group to divest its St. Petersburg operations. Since RBI Group did not receive acquisition permit from the special committee established to oversee business transfers within the agreed timeframe, the contract has now been terminated.

Bonava can today announce that it has signed an agreement for the divestment of its St. Petersburg operations with Star Development LLC. The buyer has received acquisition permit from the special committee established to oversee business transfers, and the transaction is subject to the approval of the Russian competition authority, which is expected in the fourth quarter of 2023.

Bonava has received the transaction amount of EUR 50 M from the counterparty’s Swiss bank to Bonava’s account in Stockholm. On closure of the divestment, this transaction will generate positive earnings of approximately SEK 550M, excluding reclassification of currency translation reserve, which Bonava will recognise as “Net profit for the period from discontinued operations” in the fourth quarter of 2023.

Bonava announced on 3 March 2022 that its operations in St. Petersburg would be discontinued and since then, the company has worked intensively to realise this in a responsible manner. The St. Petersburg operations have been reported as assets held for sale since the third quarter of 2022. The net assets of the operations were written down to zero in the fourth quarter of 2022.