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Screenshot of a breaking news alert e-mail from Q2 2017
Nordic Growth Market NGM AB and Privanet Group Oyj announced that have signed a letter of intent which would make NGM a significant owner of Privanet Group.
Provided the extraordinary general meeting accepts the proposal, and subject to the approval of the Swedish and Finnish FSA, the directed share issue will be conducted in two rounds in which NGM’s ownership in Privanet Group will immediately rise to 5%, and after certain commercial terms have been met, at a later point in time, rise to 10%. If realized, the first share issue will be carried out in October 2017.
Widening our ownership base internationally is part of Privanet Group’s global strategy and it supports the company’s expansion into the Nordic countries and Europe. If realized, the share issue will strengthen Privanet’s financial position, which in turn will open up opportunities to invest in domestic growth companies and seek a standing for our business also in Europe. We want to export our expertise and, with our partnership with NGM, become an international player in the finance sector”, said Chairman of the Board, Roy Harju from Privanet Group.
If realized, the ownership in Privanet is a significant strategic investment for NGM. Privanet’s work in issuance and fund raising for unlisted companies and as a secondary marketplace has been open-minded and successful. Our combined services will create a unique offer to Finnish companies at different stages of their growth. Market development requires competition and the Finnish market needs a client driven stock exchange that will take on a larger responsibility in supporting companys’ growth. Our objective is to list around ten companies a year in Finland”, added NGM’s Deputy CEO Tommy Fransson.