By Dominic Chopping
Finnish state-owned investment company Solidium Oyj said Friday that it has sold 11 million A-shares in financial company Sampo plc, raising proceeds of around 498 million euros ($576 million).
The share sale, following an accelerated bookbuild offering to Finnish and international institutional investors, represents around 2.0% of Sampo's outstanding shares and reduces Solidium's holding from 8.0% to 6.0%, representing around 33 million A-shares, it said.
Solidium, which takes ownership stakes in nationally important companies, said the proceeds will be repaid to the state and used for general corporate purposes.
Solidium is a minority owner in Elisa Oyj, Kemira Oyj, Konecranes Oyj, Metso Outotec Oyj, Nokia Corp., Nokian Renkaat Oyj, Outokumpu Oyj, Sampo, Stora Enso Oyj, TietoEVRY Oyj and Valmet Corp.
The value of Solidium's total investment assets is around EUR9.7 billion.
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(END) Dow Jones Newswires