UPM to spin off plywood business as WISA Group – trading expected to begin in November

UPM has decided to proceed with the separation of its plywood business into an independent company, WISA Group. The demerger is scheduled to be registered on 31 October, with trading in the new company’s shares expected to begin on Nasdaq Helsinki on 2 November.

UPM’s Board of Directors decided on 28 October to proceed with the completion of the company’s partial demerger. Under the arrangement, the UPM Plywood business and all assets and liabilities relating to it or mainly serving it will transfer to the newly established WISA Group Plc.

Following the demerger, UPM and WISA Group will operate as separate, independent companies. UPM’s Extraordinary General Meeting approved the demerger at the end of August.

UPM shareholders will receive one WISA Group share for each UPM share they own. They will retain their existing UPM shares, and the demerger will not change the number of shares in UPM.

WISA Group shares are expected to be credited to shareholders’ book-entry accounts on 2 November. Trading on Nasdaq Helsinki is expected to begin on the same day under the ticker symbol WISA.