Wilh. Wilhelmsen ASA

Wilh. Wilhelmsen Holding ASA - 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. 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 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 therefor 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.

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