(UPM, Helsinki, 1 March 2013 at 13:00 EET) - Pohjolan Voima Oy (PVO) has informed UPM that it is planning a share issue of maximum of EUR 230 million in order to finance the new shareholder loan commitment proposed by the Board of Directors of Teollisuuden Voima Oy (TVO). UPM’s share of the issue is estimated to be EUR 115 million, corresponding UPM shareholding. The share issue would be implemented with the B2 shares during the coming years based on the financing requirements.
Both TVO and PVO shareholders would decide on the matter in their respective shareholders’ meetings during the second quarter of 2013. UPM will decide on its possible participation in due course.
UPM has a 44.0% shareholding of the associated energy company Pohjolan Voima Oy (PVO) which is a majority shareholder (58.39%) in nuclear power company TVO. UPM holds 50 % of PVO’s B2 –shares.
UPM leads the integration of bio and forest industries into a new, sustainable and innovation-driven future. Our products are made of renewable raw materials and are recyclable. UPM consists of three Business Groups: Energy and pulp, Paper, and Engineered materials. The Group employs around 22,000 people and it has production plants in 17 countries. UPM's annual sales exceed EUR 10 billion. UPM's shares are listed on the Helsinki stock exchange. UPM – The Biofore Company – www.upm.com