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Nokia transfers its treasury stock from the Netherlands to Finland
December 28, 1998
The approximately 32 million Nokia shares owned by Nokia's Dutch subsidiary Nokia Finance International B.V. (NFI) will be transferred via a stock exchange transaction on Monday, December 28, to Nokia´s wholly-owned Finnish subsidiary Nokiterra. In all, 4,513,574 Nokia A shares and 27,626,768 K shares, a total of 32,140,342 shares, representing about 5.3% of Nokia's share capital, will be sold in an internal transaction to Finland. The share transfer does not affect Nokia's key figures or, for example, voting rights because the shares have been eliminated in the Group's earlier profit and loss and other statements.
The transfer enables further streamlining of Nokia's share structure. Nokiterra will later be merged with Nokia Corporation, at which point the acquired shares will come into the possession of Nokia Corporation. This, in turn, will make it possible to cancel the transferred shares, and consequently will give Nokia Corporation the opportunity, under separate decision, in the future to buy back its shares from the market within the 5% framework allowed under the Finnish Companies Act.
The shares to be transferred to Finland have been acquired by NFI primarily in conjunction with the changes in Nokia's ownership structure in 1992. The acquisition price for these shares is approximately FIM 650 million. The purchase price will correspond Nokia's share price today, and will be approximately FIM 20 billion.
Nokia is the world's leading mobile phone supplier and a leading supplier of mobile and fixed telecom networks including related customer services. Nokia also supplies solutions and products for fixed and wireless datacom, as well as multimedia terminals and computer monitors. In 1997, net sales totaled FIM 52.6 billion (USD 9.8 billion). Headquartered in Finland, Nokia is listed on five European Stock Exchanges and on the New York Stock Exchange (NOK.A), has sales in 130 countries and employs more than 42,000 people world-wide.
Contact information:
Corporate Communications, tel. +358 9 1807 459
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