HKScan Corporation: Own Shareholding Exceeds Five Percent Threshold
HKScan Corporation has disclosed that its holding of its own shares has surpassed five percent of the total shares and ten percent of the votes, following the sale of its Swedish subsidiary.
Helsinki, Finland – HKScan Corporation announced on March 27, 2024, that its ownership stake in its own shares has crossed the five percent threshold for the number of shares and the ten percent threshold for voting rights. This increase is a direct result of the company receiving 7,534,750 of its own shares as part of the purchase price for its former Swedish subsidiary, HKScan Sweden AB.
The shares were transferred by Lantmännen ek för, the acquirer of HKScan Sweden AB. Following this transaction, HKScan now holds 9.14% of all outstanding shares and 10.75% of all votes. The majority of these repurchased shares, totaling 6,869,750, are Series A shares, with the remaining 665,000 being Series K shares.
Under Finnish Securities Market Act regulations, companies must notify authorities when their holdings cross certain thresholds. This disclosure confirms HKScan's own shareholding has exceeded the mandatory reporting levels. The higher percentage of voting rights compared to share ownership is due to the Series K shares, which carry twenty votes each, compared to one vote per Series A share.
HKScan, a food company with a nearly EUR 1.2 billion net sales in continuing operations in 2023, is focused on growing into a versatile food company with home markets in Finland and Denmark. The company employs approximately 3,600 professionals and is known for brands such as HK®, Kariniemen®, Via®, and Rose®.