Brief: Kojamo To Launch Saving Program, Drop Dividend

Lumo Kodit Oyj

17/08/2023 06:10

Aug 17 (Reuters) - Kojamo Oyj  KOJAMO.HE :
    * INSIDE INFORMATION: KOJAMO PLC TO LAUNCH A SAVING PROGRAM
    * TARGETS TOTAL SAVINGS OF APPROXIMATELY EUR 43 MILLION IN
COSTS
AND INVESTMENTS DURING 2024
    * PROGRAMME IS ESTIMATED TO BE CARRIED OUT WITH NO MATERIAL
COSTS
    * SHARE OF COSTS IS ESTIMATED TO BE APPROXIMATELY EUR 18
MILLION
    * WILL NOT LAUNCH NEW MODERNISATION PROJECTS FOR TIME BEING
    * WILL REDUCE REPAIRS OTHER THAN THOSE SUPPORTING RENTING OF
APARTMENTS, AS LONG AS CO DOES NOT INCUR REPAIR DEBT
    * MAY CARRY OUT PROPERTY SALES WITHIN NEXT 12 MONTHS
    * ALL MEASURES AIM AT MAINTAINING COMPANY'S PROFITABILITY
AND
SAFEGUARDING CREDIT RATING
    * WILL PROPOSE THAT NO DIVIDEND BE PAID
    * TO START CHANGE NEGOTIATIONS REGARDING ITS EMPLOYEES
    * IF CARRIED OUT, PLANNED MEASURES MAY LEAD TO LAY-OFFS OF
NO MORE
THAN 70 EMPLOYEES FOR TIME BEING AND TO TERMINATIONS OF
EMPLOYMENT FOR NO MORE THAN 20 EMPLOYEES
    * HOWEVER, IN TOTAL, CHANGES WOULD CONCERN NO MORE THAN 80
EMPLOYEES
    * ESTIMATED IMPACTS TO PERSONNEL CAN BE SPECIFIED DURING
CHANGE
NEGOTIATIONS
    * PLANNED MEASURES MAY ALSO LEAD TO CHANGES IN FOR EXAMPLE
WORK
TASKS, JOB DESCRIPTIONS, REPORTING STRUCTURES AND ORGANISATIONAL
STRUCTURES CONCERNING ALL EMPLOYEES UNDER NEGOTIATIONS
    * WE MAY CARRY OUT PROPERTY SALES WITHIN NEXT 12 MONTHS.
    * KOJAMO OYJ - COMPANY'S BOARD OF DIRECTORS WILL PROPOSE TO
ANNUAL
GENERAL MEETING IN SPRING OF 2024 THAT NO DIVIDEND BE PAID FOR
2023.
    * ALL MEASURES AIM AT MAINTAINING COMPANY'S PROFITABILITY
AND
SAFEGUARDING CREDIT RATING.
    * IF CARRIED OUT, PLANNED MEASURES MAY LEAD TO LAY-OFFS OF
NO MORE
THAN 70 EMPLOYEES FOR TIME BEING

Source text for Eikon:  ID:nWkr20LcwS 
Further company coverage:  KOJAMO.HE 

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