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.
For further information please contact:
Mr Kari Toikka, Executive Vice President and CFO, tel. +358 204 15 0014
October 1, 2003