Stora Enso, a provider of renewable products in packaging, biomaterials and wooden construction, has successfully finished its recent process of changing some of its shares into new kinds of shares.
These new shares are now available for trading and it could mean more voting power for the company.
Here's a breakdown of what happened during this change:
- Some of the old shares, called A shares, were changed into new shares called R shares. In total, 287 A shares became R shares.
- This change was completed and officially recorded in the Finnish trade register on 16 October 2023.
- Starting from 17 October 2023, these new R shares can be bought and sold by investors.
What's interesting is that the type of share you have determines how many votes you get as a shareholder. For every A share you have, or for every ten R shares you own, you get one vote.
This means the total number of votes connected to the company has gone up to at least 237,470,491.
This change in shares reflects Stora Enso's focus on using sustainable materials instead of ones that harm the environment. They are a major player in making renewable products such as packaging and building materials. They are also one of the largest private forest owners in the world.
In 2022, Stora Enso made around €11.7bn ($12.37bn) from sales and had about 21,000 employees. Their shares are listed on stock exchanges in Helsinki and Stockholm and they are also traded in the US.
What it all means for the packaging company
This share change is a big deal for Stora Enso and it might change who gets to have a say in how the company is run. It's a significant event for a company that's all about making things from renewable materials, like trees, instead of things that harm the planet.
Ultimately, Stora Enso's share conversion has multifaceted significance. It not only bolsters the company's voting power but also underscores its unwavering commitment to sustainability, which is crucial in today's environmentally conscious business landscape.
This change may influence how the company is run and the dynamics among its stakeholders, ultimately reflecting its dedication to a greener future.
