Brief: Wilh Wilhelmsen ASA plans to spin off Hyundai Glovis stake in a separately listed company

Wilh Wilhelmsen Holding ASA

11/02/2016 05:29

Feb 11 (Reuters) -  
    * Wilh Wilhelmsen ASA WWASA.OL  plans to spin off unit 
owning Hyundai Glovis 086280.KS  stake in a separately listed 
company 
    * In the new suggested structure, Den Norske Amerikalinje AS 
(owning the 12 pct 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 
    * Shareholders in WWASA will receive the same amount of 
shares they hold in WWASA in Treasure ASA and hence keep their 
prorate share. 
    * The proposed changes are subject to approval at an 
extraordinary general meeting in WWASA to be held in April 2016  
    * The intention is to complete the restructuring and list 
Treasure ASA late May or early June, upon expiry of the creditor 
notice period.  
 
Source text for Eikon:  ID:nObiTD4Yha  
Further company coverage:  WWASA.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))