Wärtsilä sells its holding in Polar

Wärtsilä Corporation,
  • Stock exchange release
1 October 2003 at 5:00 PM E. Europe Standard Time

Wärtsilä will sell all of its holdings in Polar Kiinteistöt Oyj to the German real estate company IVG Immobilien AG. Wärtsilä has a direct holding in Polar of 14,473,438 shares representing 8.0 percent of the total share capital. Wärtsilä also has indirect holding in Polar through its associated company Cervuctum Oy, of which Wärtsilä owns 37.5 percent. Cervuctum holds 47,343,950 shares in Polar, representing 26.3 percent of the total share capital.

The share price of the transaction is EUR 0.75 per share. Wärtsilä will record a capital gain of EUR 15 million on this sale. The sale is subject to regulatory approvals.

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