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Finnish state fund to raise up to $1.1 bln with Sampo stake sale
February 24, 2014 / 5:46 PM / 4 years ago

Finnish state fund to raise up to $1.1 bln with Sampo stake sale

HELSINKI, Feb 24 (Reuters) - Finland’s state investment fund Solidium is to sell some of its shares in insurance and investment group Sampo as the government seeks funds to maintain its triple-A credit rating, it said on Monday.

As Finland contending with falling tax revenue and increasing healthcare costs for its ageing population, Solidium plans to raise up to 800 million euros ($1.10 billion) by offering Sampo shares and bonds exchangeable for shares.

The share offering will be worth between 350 million euros and 500 million euros, while the bond offering will be up to 350 million euros, it said.

Solidium’s stake in Sampo’s A-shares is expected to fall to about 11.5 percent from 14.2 percent.

The move follows Solidium’s sale of 368 million euros of shares in Nordic telecoms operator TeliaSonera in September. Before that sale TeliaSonera and Sampo were by far the biggest investments in Solidium portfolio then worth nearly 8 billion euros. ($1 = 0.7285 euros) (Reporting by Ritsuko Ando; Editing by David Goodman)

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