\tInvestment company Kinnevik confirmed it will distribute its entire 37.2 per cent stake in operator Millicom to its shareholders, as part of a change in strategy.
\nKinnevik said in a statement it would hand out all of its shares in Latin America focused player Millicom to investors in the form of Swedish depository receipts. The plan will be proposed at the company\u2019s next shareholder meeting and carried out before the end of 2019.
\nThe move means Kinnevik, which founded Millicom almost 30 years ago, will stop paying shareholders cash dividends and instead distribute excess capital generated by its investments in the form of extraordinary dividends.
\nIn June, Kinnevik said it would divest its holdings in Millicom in two parts [1]; through a distribution to shareholders and a listing. However, it shortly abandoned the IPO plan, citing unfavourable market conditions.
\nUnder CEO Georgi Ganev, the investment company is looking to dedicate a larger share of its portfolio \u201cto disruptive and technology-enabled growth and venture capital businesses”, with a particular focus on the Nordics.
\nIt also said in its statement it is targeting growth in digital businesses that it holds stakes in, including operator Tele2 and Zalando, a European e-commerce company.
\n“Kinnevik’s ambition is to be the go-to public company for investors seeking exposure to the best entrepreneurs building leading businesses in Europe, the Nordics and the US,” said Ganev.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/top-millicom-shareholder-readies-stake-sale\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Investment company Kinnevik confirmed it will distribute its entire 37.2 per cent stake in operator …<\/p>\n
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