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Norske Skog considers IPO

14 Jun 2019 − 

After filing for insolvency in 2017 and being taken over by an investment manager in autumn 2018, Norkse Skog is now planning a return to the stock market.

Norske Skog has announced it had initiated a process to consider an initial public offering (IPO) and listing of its shares on Oslo Børs (Oslo Stock Exchange). The process was expected to be concluded in the second half of this year, the company said.

According to Norske Skog, the possible IPO is expected to comprise a public offering of shares in Norway and a private placement to institutional and other professional investors in certain other jurisdictions. The transaction may include a secondary sale of shares by Oceanwood and/or a sale of new shares by Norske Skog, the company says.

Norske Skog's CEO Sven Ombudstvedt commented that a listing of shares would provide an important platform for future development. "Access to the equity capital market would add opportunities to fund further growth going forward", he said. In this context, he emphasised the company's long-term strategy to improve its core business and diversify the business within the bioenergy, fibre and biochemical markets. Furthermore, the CEO indicated that the company might convert "relevant parts of our paper machines" in the future.

Norske Skog withdrew from the stock market more than a year ago. After the company had to file for insolvency at the end of 2017, its shares were delisted from Oslo Børs in Norway on 5 February 2018. Norske Skog was then acquired in October last year by investment management firm Oceanwood Capital Management

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