SCA Offshoot Essity To Commence Trading On Stock Exchange On 15 June
Essity, the hygiene and health offshoot of paper giant Svenska Cellulosa Aktiebolaget (SCA), is to commence trading on the Nasdaq Stockholm on 15 June, according to a statement issued by the paper firm.
In the statement, SCA said that its AGM decided in favour of the board of directors’ proposal to distribute all shares in Essity to SCA’s shareholders.
‘All shares in the wholly owned subsidiary Essity will be distributed, according to which one share of Class A in SCA carries entitlement to one share of Class A in Essity and one share of Class B in SCA carries entitlement to one share of Class B in Essity,’ the company said.
‘Aside from being registered as a shareholder of SCA on the record date for distribution, no further actions are required by shareholders in order to receive shares in Essity.
The prospectus for admission to trading of shares in Essity is expected to the published on 7 June.
At its AGM in April, SCA announced that it would split the business into two companies: SCA, a paper products firm, and Essity, encompassing the business’ personal care operations, including the recently- acquired BSN Medical.
‘Following the split, Essity will be a leading global hygiene and health company that develops, produces and sells personal care and tissue products,’ said SCA at the time ‘Essity stems from the words ‘essentials’ and ‘necessities’, a fitting name for the products the new hygiene and health company offers – everyday necessities. Essity’s vision is; dedicated to improving well-being through leading hygiene and health solutions.’
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.