UPM-Kymmene Corporation has applied for WISA Group Plc shares to be admitted to trading on Nasdaq Helsinki’s regulated market, advancing a separation that would give its shareholders stakes in two companies.
UPM filed the application on Oct. 22. Its board approved the demerger plan on April 29, and shareholders backed it at an extraordinary general meeting on Aug. 31. The company’s announcement reported the application but did not say Nasdaq Helsinki had approved WISA’s admission to trading.
Under the proposed transaction, WISA would receive the assets and liabilities associated with UPM Plywood, as well as those that primarily support the business. The transfer and share distribution depend on completion of the demerger, which remains planned.
UPM says the separation is intended to let the plywood business set its own priorities and pursue growth as a standalone operation.
The company lists FI4000603345 as WISA’s planned International Securities Identification Number. UPM’s new identifier is to be FI4000603337, while its trading code is expected to remain UPM. WISA is expected to trade under the code WISA.
UPM expects Finland’s Trade Register to record the demerger on or about Oct. 31. Trading in WISA shares is expected to begin on or about Nov. 2, subject to completion of the separation.
