Graninge and Kramfors in structural transaction

Graninge and Kramfors in structural transaction Graninge AB plans to sell 25 per cent of the shares in Kramfors Fjärrvärme to Kramfors Energiverk for SEK 10 million, and will at the same time purchase the transmission network in Nyland from Kramfors Energiverk for SEK 9 million. Furthermore, Graninge will sell 9 per cent of the shares in Kramfors Energiverk to Kramfors Kommunhus for SEK 7 million. This is the essence of a structural transaction agreed on by the parties. The transaction is expected to be completed by 1 January 2002, but is conditional on the approval of the Kramfors municipal council. This is expected to take place at the meeting in December. P-O Näsström, Chairman of Kramfors Energiverk, feels this is an advantageous move for the Municipality of Kramfors: "Kramfors Energiverk can now focus on district heating and power transmission in Kramfors". Lars Enslöf, Managing Director and CEO of Graninge, sees this as a way to consolidate energy operations through the sale of holdings where Graninge lacks a controlling interest: "At the same time, the acquisition of the transmission network in Nyland will enable us to further improve efficiency in our network operations. The network has its own concession area with just under 600 network customers which is currently isolated as an island in the middle of Graninge Energinät's concession area". "We are continuing our energy collaboration through other means, such as buying and selling of services between Graninge and the municipal energy utility". For additional information contact: Anders Strandh, Managing Director, AB Kramfors Energiverk, +46 612 80270, +46 70 645 4749 Hans Norberg, Managing Director, Graninge Nät AB, +46 8 753 6856 Kalle Karlsson, Corporate Communications Director, Graninge, +46 8 753 6860 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/11/22/20011122BIT00950/bit0002.doc http://www.waymaker.net/bitonline/2001/11/22/20011122BIT00950/bit0002.pdf