HELSINKI, June 12 (Reuters) - The Finnish government’s investment arm, Solidium, said on Tuesday it had sold a small stake in pulp and paper maker Stora Enso to raise funds for new investments.
Solidium sold 14 million Stora’s more heavily traded ‘R’ shares, a stake of 1.8 percent, for 246 million euros ($289.47 million), trimming its stake to 10.7 percent.
But it also bought 1.4 million ‘A’ shares in the company to keep its voting rights unchanged at 27.3 percent. ‘A’ shares have ten times the voting rights of ‘R’ shares.
The price per ‘R’ share was 17.60 euros, compared to the stock’s closing price of 18.10 euros on Monday. “The stock has performed pretty well lately... But by buying the ‘A’ share we show our commitment to the company,” Solidium CEO Antti Makinen told Reuters.
The price of the ‘R’ share has increased about 50 percent in the past 12 months. ($1 = 0.8498 euros) (Reporting by Jussi Rosendahl; Editing by Simon Johnson)