ÅF Group acquires remaining shares in CTS Engineering Oy
The ÅF Group has acquired the remaining 11 percent stake in CTS Engineering Oy to become the sole owner of the company.
CTS Engineering Oy is one of Finland's largest and best established engineering consultancies in the pulp and paper industry with 250 employees.
The vendor is Insinööritoimisto Polartek Oy. The shares are acquired in accordance with the terms of an agreement entered into when the ÅF Group became the major shareholder in CTS just under a year ago.
The settlement for the transfer of the remaining 11 percent of the shares in CTS consists partly of a cash payment of SEK 4 million, and partly in the form of a new issue of class "B" shares in AB Ångpanneföreningen with a nominal value of SEK 5 million.
Part-payment in the form of a new share issue was sanctioned by the Annual General Meeting of ÅF Group shareholders on 11 May 2004. Following the settlement, the vendor will own 0.6 percent of the capital and 0.4 percent of the voting rights in AB Ångpanneföreningen.
The press release can be downloaded from the following link: