Scandic Hotels Group Adopts Articles of Association

Scandic Hotels Group AB has confirmed its articles of association following a general meeting on June 15, 2020. The updated articles of association solidify the company's name as Scandic Hotels Group AB (publ) and define its core business as the operation of hotel activities, whether conducted directly or indirectly.

The registered office of the company is established in Stockholm municipality. The share capital is set to be a minimum of SEK 28,125,000 and a maximum of SEK 112,500,000, with the number of shares ranging between 112,500,000 and 450,000,000.

Regarding the composition of the board of directors, the articles stipulate that the board shall consist of no fewer than three and no more than eleven directors, with up to two alternate directors, as elected by the shareholders' meeting. The company is required to have one auditor, who may have an alternate.

An annual general meeting of shareholders must be held within six months of the financial year's end. Key agenda items include the adoption of financial statements, the allocation of profits or losses, and the discharge of liability for the board of directors and the managing director, in accordance with Swedish company law and the articles.

Scandic Hotels Group is the largest hotel operator in the Nordic region, managing over 320 hotels and approximately 68,000 rooms across six countries. The company is listed on Nasdaq Stockholm.