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  • 2005-05-02 KONE Corporation applies for the listing of new KONE Corporation and Cargotec Corporation on the main list of the Helsinki Stock Exchange
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KONE Corporation applies for the listing of new KONE Corporation and Cargotec Corporation on the main list of the Helsinki Stock Exchange

Stock Exchange Release Published 02/05/2005

At its 2 May, 2005 meeting, KONE Corporation’s Board of Directors decided to apply for the listing of the post-demerger KONE Corporation’s and Cargotec Corporation’s class B shares and series A and B option rights on the main list of the Helsinki Stock Exchange. The estimated date for the listing application is 13 May, 2005. The trading of the shares and option rights of the new companies is expected to begin 1 June, 2005.
The objective of the demerger and the listing of the new KONE Corporation and Cargotec Corporation is to separate the businesses of KONE Corporation into two independent companies whose growth and development can be supported in accordance with their own strategies. Separation of businesses increases the transparency of investments, giving shareholders the freedom to choose the business to which they want to direct their investments. After the reorganization there will be two listed companies with strong balance sheets and separate shares, which will create better possibilities for mergers and acquisitions.
KONE’s Board of Directors has provided a clarification of the future outlook and recent development of the demerging companies in the KONE Corporation financial statements for the 15-month accounting period 1 January, 2004–31 March, 2005, and pro forma reviews for new KONE and Cargotec for the first quarter of 2005 published today.
KONE has prepared the prospectuses for the new companies. It is estimated that their publication, for which there will be separate releases, will take place on 25 May, 2005.
Sender:
KONE Corporation
Tapio Hakakari
Director, Secretary to the Board of Directors
Minna Mars
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board of Directors, tel. +358 400 408 316
www.konecorp.com