(UPM, Helsinki 12 June 2013 at 13:15 EET) - UPM has decided to participate in the share issue that Pohjolan Voima Oy (PVO) is planning for Olkiluoto 3 nuclear power plant project. UPM’s share of the issue is EUR 119 million.
PVO informed UPM on March 1, 2013, 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 Oyj (TVO). The share issue would be implemented with the B2 shares during the coming years based on the financing requirements.
Both TVO and PVO shareholders have decided on the matter in their respective annual general meetings during the second quarter of 2013.
After the share issue, UPM will have a 44.68% shareholding of the associated energy company Pohjolan Voima Oy (PVO) which is a majority shareholder (58.47%) in the nuclear power company TVO. UPM’s holding of PVO’s B2 –shares will increase to 51.25% respectively.
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. We are present in 67 countries and have production units 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