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Kyro approves demerger

On November 22, 2000, Kyro Corporation approved its board“s proposal during an extraordinary shareholders“ meeting to demerge the company into two new companies: Kyro Corporation and Tecnomen Holdin…

On November 22, 2000, Kyro Corporation approved its board“s proposal during an extraordinary shareholders“ meeting to demerge the company into two new companies: Kyro Corporation and Tecnomen Holding Corporation. The meeting also approved articles of association for these companies. Tecnomen Holding will receive the shares of Tecnomen Corporation owned by the present Kyro Corporation and a corresponding amount of equity. All Tamglass Ltd. Oy and Kyro Power Oy shares owned by Kyro Corporation, as well as all other assets and liabilities and all other equity, will be transferred to the new Kyro Corporation. The demerger is forecast to take effect on April 1, 2001. At such a date, the shareholders of Kyro will receive demerger consideration of one share of the new Kyro Corporation and one share of Tecnomen Holding Corporation. Shares of the recipient companies are expected to be listed at the Helsinki Stock Exchange approximately on April 2, 2001. The general meeting of shareholders also elected the members of the board of directors and auditors of Kyro Corporation and Tecnomen Holding Corporation.

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