Skanska's valuation of JM holding finalized: JM consolidated as an associated company
Skanska has evaluated its ownership in JM Byggnads och Fastighets AB in accordance with the plan Skanska established at the beginning of this year.
| PRESS RELEASE, NOVEMBER 4, 1998 85/98 Skanska's valuation of JM holding finalized: JM consolidated as an associated company Skanska has evaluated its ownership in JM Byggnads och Fastighets AB in accordance with the plan Skanska established at the beginning of this year. The result of the valuation is that Skanska will continue as an owner in JM (27% of the capital) but wants to reduce its share of the votes through a conversion of half of the Series A shares (ten votes per share) to Series B shares (one vote per share). Skanska is the only owner of Series A shares in JM. After the proposed conversion, Skanska's share of the voting rights will decline from 57% to 45%. Skanska submitted a request to the Board of JM today to decide on such a conversion. JM is a company whose operations coincide well with Skanska's focus on building-related services and development of real estate and projects. JM has for many years documented its ability to successfully develop projects, particularly in the residential segment, with a strong trademark in Sweden. Skanska will continue to be involved in this development in a role as the largest owner, while concurrently reinforcing JM's independent role through JM becoming an associated company in the Skanska Group, rather than, as currently, a subsidiary. At the same time, Skanska's financial reporting and structure becomes more distinct and easier to analyze.
Danderyd, November 4, 1998 SKANSKA AB
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