Sanoma-WSOY Oyj has increased its holding in Tietovalta Oy to 20.3%. The transaction was carried out partly as a private placement and partly through a purchase of shares from the founders of the company.
The transaction is a sequel to the arrangement carried out in January 1999 under which Sanoma Corporation became a shareholder in Tietovalta with a stake of 14.9%. The shares were transferred to Sanoma-WSOY Oyj following the implementation of the merger on 1 May 1999. The arrangement also included an option for Sanoma-WSOY to increase its holding to more than 20%.
Tietovalta Oy is a company that produces multimedia, internet and WAP solutions for communications, leisure, education and sales applications. Its net sales for the financial year to 30 June 1999 was FIM 20.9 million, its operating profit FIM 1.3 million and the result for the year FIM 0.6 million. The net sales for the current financial year are estimated at approximately FIM 40 million.
Vice President, Investor Relations and Corporate Communications
DISTRIBUTION: Helsinki Stock Exchange, principal media