HELSINKI – UPM has completed the spin-off of its plywood business into WISA Group, creating a separately listed company whose shares are due to begin trading in Helsinki on Monday.
The Finnish materials company said Saturday, October 31, that the partial demerger had been registered with the Finnish Trade Register. Assets and liabilities related to its UPM Plywood business, or mainly serving that business, transfer to the newly established WISA Group.
UPM shareholders will receive one new WISA Group share for each UPM share they own. The separation does not change the number of UPM shares. Treasury shares held by UPM will not receive shares in the new company.
Nasdaq Helsinki has approved WISA Group’s listing application, according to UPM’s stock-exchange release. Trading is scheduled to start November 2 under the ticker WISA.
The new shares are expected to be registered in shareholders’ book-entry accounts on or about November 2. Shareholders receiving the spin-off shares can trade them from that date, the company said.
UPM will continue trading on Nasdaq Helsinki under its existing UPM ticker. Its shares receive a new international securities identification number as part of the separation.
Saturday’s announcement marks the completion and registration of a transaction already outlined earlier this year. UPM announced approval of the demerger plan on April 29. The new development is the transfer taking effect and the confirmation of WISA Group’s trading timetable.
The transaction separates the plywood operation from UPM’s remaining materials businesses. In the release, UPM describes its broader portfolio as including renewable fibres, advanced materials, decarbonization products and communication papers.
The announcement does not provide a first-day trading price or promise a particular value for the shares. It says there will be no public offering of the securities in the United States.
Details appear in UPM’s October 31 stock-exchange release.
JBizNews Business Desk | Helsinki
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