KAINUUN SANOMAIN KIRJAPAINO OY BECOMES ALMA MEDIA SUBSIDIARY
ALMA MEDIA CORP. STOCK EXCHANGE BULLETIN 10 Feb. 1999 at 1.00 pm KAINUUN SANOMAIN KIRJAPAINO OY BECOMES ALMA MEDIA SUBSIDIARY Alma Media Group's holding in Kainuun Sanomain Kirjapaino Oy exceeded 50 % on 10 February 1999. Alma Media's newspaper publishing division Alpress Oy has offered to acquire the remaining shares in the company for FIM 2,250 per share. Alpress has paid about FIM 20 million for its 50 % holding. Alma Media Group's newspaper publishing division Alpress Oy and its wholly owned subsidiaries acquired a 16 % holding in Kainuun Sanomain Kirjapaino Oy from the Kukkonen and Räihä families in December 1998. At the same time Alpress announced its interest in increasing its holding in the company. Since then several dozen shareholders have offered their shares to Alpress. Alpress has paid FIM 2,250 per share and altogether about FIM 20 million for its 50 % holding. After amortization of goodwill Kainuun Sanomain Kirjapaino Oy's consolidation as an Alpress subsidiary will slightly improve Alpress's result for the current year. Alpress is still interested in increasing its holding in the company and has approached all Kainuun Sanomain Kirjapaino Oy's registered shareholders in writing offering to buy all the remaining shares for FIM 2,250 per share. This offer is valid until 12 March 1999. The Kainuun Sanomain Kirjapaino Oy group comprises the daily Kainuun Sanomat newspaper and Kainuun Sanomain Kirjapaino printing works, Kuhmon Kirjapaino Oy, as well as local newspaper publishers Kuhmon Kirjapaino Oy, Sotkamon Lehti Oy and Yläkainuun Paikallislehti Oy. In 1998 the group recorded a profit of FIM 5 million on net sales of FIM 84 million with 167 employees. The group's main business units are Sanomalehti Kainuun Sanomat with net sales of FIM 48 million and Kainuun Sanomain Kirjapaino Oy, with net sales of FIM 24 million. Kainuun Sanomat has an audited circulation of 24,090. Kainuun Sanomat has served its readers and advertisers for over 80 years. Kainuun Sanomat is the most important medium of communication in the Kainuu region today. According to Mr Heikki Saraste, President of Alpress Oy, Alma Media wishes to invest in newspaper publishers because it is itself a newspaper publisher. Alma Media does not invest in newspaper publishers for short-term gain but as a responsible long-term owner. Alma Media's primary objective as a major owner is to safeguard Kainuun Sanomat's continued position as a strong and independent local newspaper today and in the future. The share purchase offer will have no immediate impact on the activities or obligations of Kainuun Sanomain Kirjapaino Oy and its subsidiaries. ALMA MEDIA CORPORATION Ahti Martikainen Vice President, Corporate Communications Distribution: HEX Helsinki Exchanges, principal media Further information: Mr Heikki Saraste, President, Alpress Oy, tel. +358-9-507 8768
- Date: 10.2.1999, 08:00
- News type: Stock exchange release
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