(Press Release)
The state of Finland has published today following press release concerning the sale of Kemira Oyj shares:
The State of Finland sold Kemira shares to domestic investors
On Wednesday, 29 August, the State of Finland sold 32.1 per cent of its Kemira Oyj shares to Finnish investors. The sale price was EUR 16.35 per share, a total sum of EUR 655.6 million.
After this transaction Kemira's main shareholder is Oras Invest Oy and its owners, members of the Paasikivi family. Oras Invest is a Finnish family-owned company and an industrial owner which aims to achieve long-term value increase through its operations.
The shares sold today are divided between buyers as follows:
Oras Invest Oy 15.6 per cent
Jari, Jukka and Pekka Paasikivi 1.5 per cent (0.5 per cent each)
Varma Mutual Pension Insurance Company 8.00 per cent
Ilmarinen Mutual Pension Insurance Company 3.60 per cent
Suomi Mutual Life Assurance Company 1.92 per cent
Sampo Life 1.45 per cent
"The Government carries out an active market-oriented ownership policy. The development potential of the companies and their ownership base is evaluated continuously and the State always takes the overall effect of sales of shares into account. After this transaction, Kemira's main shareholder is a stable industrial owner which makes long-term investments. Oral Invest has good prerequisites for taking responsibility for continuous development of the Kemira Group. The State still remains a significant owner of Kemira", describes Jyri Häkämies, Minister responsible for ownership steering of state-owned companies.
"I am particularly pleased that the biggest owner of Kemira now is Oral Invest and the Paasikivi family. We are talking about a well-known Finnish industrial owner of high repute. Experiences in its operations demonstrate great persistency and responsibility. In addition, two largest pension insurance companies in Finland achieved significant holdings of the company and two major life insurance companies are now among the shareholders as well. With all this in view, the State has a good reason to anticipate the company's development to generate a rise in its share value and thus an increase in the value of the state-owned shares as well."
As a result of the sale transaction, holding of the State of Finland in Kemira Oyj decreased by 32.1 percentage units to 16.5 per cent of the share capital. In consequence of the sale of Kemira shares, the State's revenue from sales of shares in 2007 amounts to EUR 863 million.
For more information, please contact
Pekka Timonen, Director General, tel. +358 9 1602 3000 and Ilkka Puro, Senior Financial Counsellor, tel. +358 9 1606 3006, Prime Minister's Office
