Investment AB Kinnevik (publ) ("Kinnevik") today announced that its subsidiary Metro International S.A. has signed agreements to divest its operations in Hong Kong and St Petersburg to local media companies in the respective market. Total consideration for both transactions amounted to approximately SEK 260m. The sale of Metro St.Petersburg has closed and the sale of Hong Kong is expected to close by year-end.
The sale will not result in any capital gain or loss for the group. Following the disposals, Metro International S.A.'s operations are focused on Sweden and 6 Latin American markets. The disposals is a result of the strategy to increase the focus of the emerging market operations of Metro to the Latin American region, where the newspaper has a very strong position in each of the country where it is published.
The information is of such character, which Kinnevik shall disclose in accordance with the law on Trading with Financial Instruments (1991:980) and/or the Securities Market Act (2007:528). The information was distributed for disclosure at 4.00 p.m. on 29 October 2013.
For further information, visit www.kinnevik.se or contact:
|Torun Litzén, Director Investor Relations||+46 (0)70 762 00 83|
Investment AB Kinnevik was founded in 1936 and thus embodies seventyfive years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around the following business sectors; Telecom & Financial services, Online, Media and Industry and other investments. Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. Kinnevik plays an active role on the Boards of its holdings.
The Kinnevik's class A and class B shares are admitted to trading on the NASDAQ OMX Stockholm's list for large cap companies, within the financial and real estate sector. The ticker codes are KINV A and KINV B.