The ownership of KONE Corporation’s largest shareholders, Security Trading Ltd. and Holding Manutas Ltd., will be reorganized through an exchange of shares in June-July, 2005.
At the conclusion of the reorganization, the shareholding inherited by each of Pekka Herlin’s children will be allocated to his or her own company and joint ownership will be dissolved.
These actions clarify the ownership structure as KONE Corporation is demerged into separate listed companies, KONE Corporation and Cargotec Corporation. A separate and simpler ownership structure in both companies supports the objective of developing the corporations as independent companies in accordance with their own business and ownership strategies.
Antti Herlin, Ilona Herlin, Niklas Herlin and Ilkka Herlin, in conjunction with some other individuals and the KONE Foundation, share ownership in KONE Corporation through their holdings in KONE's two principal owners, Security Trading Ltd. and Holding Manutas Ltd. These companies currently own 30.84% of KONE Corporation’s shares and hold 66.28% of the voting rights. Antti Herlin commands a majority of the voting rights in both companies.
The conclusion of the reorganization of ownership will affect the ownership of shares and voting rights in the post-demerger KONE Corporation and Cargotec Corporation in such a way that Security Trading Ltd. and Holding Manutas Ltd., in which Antti Herlin commands a majority of the voting rights, will hold about 21% of the shares and 62% of the voting rights in new KONE. After the reorganization, Antti Herlin will be the principal owner of Security Trading Ltd. with a more than 90% shareholding, and neither Security Trading Ltd. nor Holding Manutas Ltd. will have a shareholding in Cargotec Corporation.
The largest corporate shareholders in Cargotec Corporation will be Sijoitus-Wipunen Ltd., Mariatorp Ltd. and D-Sijoitus Ltd., each with approximately 10.3% of the shares and 22% of the voting rights. The principal owners of these corporations, with more than 90% of the shares, are Ilkka Herlin (Sijoitus-Wipunen Ltd.), Niklas Herlin (Mariatorp Ltd.) and Ilona Herlin (D-Sijoitus Ltd.). In addition, Sijoitus-Wipunen Ltd., Mariatorp Ltd. and D-Sijoitus Ltd. each owns approximately 3.4% of KONE’s shares and holds 1.5% of KONE’s voting rights.
Antti Herlin’s personal shareholding in KONE and Cargotec corresponds to 0.21% of the shares and 0.09% of the voting rights.
Today a Stock Exchange Announcement has been made concerning the plans to transfer shares among the shareholding companies and the consequences for changes in ownership in those companies.
The new ownership structure will be decribed in greater detail in the KONE and Cargotec listing prospectuses to be published at a later date. The attached charts show the ownership situation at present and following the reorganization.
Managing Director, Security Trading Ltd.
Secretary to the Board of Directors, KONE Corporation
For additional information, contact:
Tapio Hakakari, tel. +358 204 75 4226