Restructuring in Wilh. Wilhelmsen ASA

The board of directors of Wilh. Wilhelmsen Holding ASA (WWH) has endorsed the board of Wilh. Wilhelmsen ASA’s (WWASA) proposal to carry out a restructuring of the company.
Press release | (Updated )

In the new suggested structure, Den Norske Amerikalinje AS (owning the 12% shareholding in Hyundai Glovis) is demerged from WWASA and carried forward in a separately listed entity to be named Treasure ASA.

“The proposed demerger will improve transparency and create a simpler structure visualising values for shareholders in WWASA,” says Thomas Wilhelmsen, group CEO of WWH. “In addition, WWASA will be more correct capitalised following the restructuring.”

“From our perspective, the proposed restructuring enables WWASA to focus on their core activities, while we at the same time create a new entity which we can utilize to create shareholder value,” says Wilhelmsen.

Shareholders in WWASA will receive their prorate share in Treasure ASA, and WWH will therefore own 72.7% of the shares in the new entity.

Treasure ASA will be jointly and severally responsible for the obligations incurred by WWASA parent company prior to the demerger becoming effective.

The proposed changes are subject to approval at an extraordinary general meeting in WWASA to be held in April 2016 (to be confirmed).

The intention is to complete the restructuring and list Treasure ASA during the second quarter.