Kemira Oyj is continuing to assess its options for listing one of its strategic business units, Kemira GrowHow, on Helsinki Exchanges. If the market conditions are favourable, the listing could be carried out this autumn.
Of the alternative listing options, the most probable option is a scheme whereby about 50% of Kemira GrowHow's shares would be distributed as dividends to Kemira Oyj's current shareholders, in addition to which about 30% of the shares would be sold in a possible sale of shares. Kemira Oyj's remaining stake in Kemira GrowHow would amount to 15-20% of the shares.
A decision has been taken to retain water-soluble specialty fertilizers as one of the Kemira Group's businesses if Kemira GrowHow is listed. This business had net sales of about EUR 75 million in 2003. It is estimated that this unit's financial result for the present year will be about EUR 20 million in the red, mainly due to the costs incurred in starting up a joint venture in Jordan. It is expected that losses will be significantly smaller next year. The figures presented above include the financial results of Kemira's associated companies in Jordan, Italy and the Arab Emirates. The Kemira Group will continue assessing business development alternatives, including potential changes in ownership structure.
Mr Kaj Friman, Group treasurer, Kemira Oyj, will move from his post to become the deputy managing director and CFO of Kemira GrowHow if the listing of the company is carried through. Heikki Sirviö will stay on as Kemira GrowHow's president.
The Kemira Group's pro forma income statements, balance sheets and cash flow statements, calculated in line with IFRS and exclusive of Kemira GrowHow, which is now under review for listing, are presented for all of 2003 and the first six months of 2003 and 2004.
The information contained herein is not for publication or distribution into the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities law of any such jurisdiction.
Kemira Oyj, tel. +358 (0) 10 8611
Mr Kaj Friman, Group Treasurer, tel. +358 (0)10 862 1704,
gsm +358 (0)50 62 626
The press release with tables can be downloaded from the following link:
