October 6, 2003 -- UPM-Kymmene Corporation has agreed to sell all of its holdings in Polar Kiinteistöt Oyj to the German real estate company IVG Immobilien AG.
UPM-Kymmene has had a direct holding in Polar Kiinteistöt of 14,836,442 shares representing 8.2 percent of the total share capital. UPM-Kymmene has also had indirect holding in Polar Kiinteistöt through its associated company Cervuctum Oy. UPM-Kymmene has a 37.5 percent holding of Cervuctum Oy, which owns 47,343,950 shares representing 26.3 percent of the share capital of Polar Kiinteistöt.
The shares will be sold for EUR 0.75 per share. The sale will have no significant effect on UPM-Kymmene's results. The share transaction is subject to approval by the competition authorities before closing of the sale.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.