Michelin increases share ownership of Scandinavian Enviro Systems

Gothenburg, Austria – Through a directed issue conducted in April last year, the French tire manufacturer Michelin acquired, via its wholly-owned subsidiary Michelin Ventures SAS, 20 percent of the shares in Scandinavian Enviro Systems (Enviro). Following the acquisition, Michelin has become the largest owner of Enviro.

In mid-May, Enviro completed a directed issue to Unwrap Finance AB of a total of 10,000,000 new shares, raising proceeds of SEK 20,950,261 before issue costs. The subscription price per share was SEK 2,095 and the number of shares in the company following the issue amounted to 590,826,115, while the share capital increased SEK 400,000 to a total of SEK 23,633,045. The dilution from the share issue was approximately 2 percent and resulted in a slight dilution of Michelin’s shareholding.

Enviro has now been informed that Michelin, via its subsidiary Michelin Ventures SAS, once again owns 20 percent of the shares in Enviro after having acquired a total of two million of the recently issued shares from Unwrap Finance AB. Enviro has not received any information about the purchase consideration or the acquisition price.