Stock Exchange Release
12 May 2016 at 5.30 pm (EET)
The State of Finland is proposing amendments to its ownership policy - holding in shares of Neste could decrease
Neste was informed on May 12, 2016, that the Finnish Government's Ministerial Committee on Economic Policy proposed a guideline on the State's ownership policy. The Government proposes a new lower limit of 33.4% for the implementation of strategic interest, which will be applied to Neste.
The Prime Minister's Office holding in Neste Corporation is at the moment 128,458,247 shares which equals 50.1% of the shares and votes. According to the Government's proposal, the Prime Minister's Office's holding in Neste Corporation shares would decrease from 50.1% to 33.4%. The remaining 16.7% of the Neste shares currently held by the Prime Minister's Office would be transferred to a new development company owned by the government.
"Ownership arrangements are up to the shareholder to decide, and from the company's point of view, we naturally see no obstacle to this. The planned changes in the shareholding of the State of Finland will not have effects on Neste's business," says Jorma Eloranta, Chair of the Board of Directors of Neste.
The Government aims to approve the decision-in-principle on the state's ownership steering in its plenary meeting on Friday, May 13. The Finnish Parliament decides on ownership limits and changes in them.
Director, Corporate Communications
Media contacts: Kaisa Lipponen, Director of Corporate Communications, tel. +358 50 458 5044
Neste in brief
Neste is a pioneer in oil refining and renewable solutions. We provide our customers with premium-quality products for cleaner traffic and industrial products based on world-class research. We are the world's leading producer of renewable diesel, and our annual production capacity is more than 2 million tons. We also are the world's largest company providing renewable fuel from waste and residues. Our sustainable operations have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world's most sustainable companies, among others. Our net sales for 2015 amounted to approximately EUR 11 billion, and our shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by about 5,000 professionals. More information: neste.com/en