Magnolia Bostad’s shares receive green designation by Nasdaq
Nasdaq today launched its Green Designations program based on criteria in the Nasdaq Green Equity Principles which are based on developments within sustainable finance and input from stakeholders. The designations will support increased visibility toward investors looking for sustainable investments. According to the assessment done by CICERO Shades of Green, a Nasdaq approved reviewer, Magnolia Bostad qualifies for Nasdaq's definition for Nasdaq Green Equity Designation.
Nasdaq Green Equity Designation is a voluntary designation for companies listed on Nasdaq Nordic markets. The companies approved for a designation must have turnover from more than 50% of activities that are considered green and turnover derived from fossil fuel activities must be less than 5 percent. In addition, the majority of the company's capital expenditures must be allocated to activities that are considered green. A qualitative assessment of the companies' alignment to Nasdaq Green Equity Principles is made by a reviewer approved by Nasdaq. CICERO Shades of Green has conducted a review of Magnolia Bostad which shows that 86 percent of turnover, 78 percent of operating expenses and 87 percent of capital expenditures are identified as green. CICERO Shades of Green's assessment also includes an analysis of how aligned the company's operations are with the EU's taxonomy for sustainable activities and an evaluation of Magnolia Bostad's management of the company.
“As part of Nasdaq’s commitment to ESG, and based on the increased demand for sustainable investments, we launched Nasdaq Green Designations to support equity issuers with their green business models and strategies. We are pleased that Magnolia Bostad is one of the first issuers to enroll in to the program, and we are happy to support them with visibility we can offer on their journey as a Nasdaq Green Equity Transition Designation company,” says Adam Kostyál, Head of European Listings, Nasdaq.
Magnolia Bostad's Green Equity Framework considers the company's entire business model. Magnolia Bostad will report annually how much of the company's turnover, operating expenses and capital expenditures, each separately, are linked to environmentally certified projects or other project also with at least 10 per cent lower energy consumption than the applicable national building regulation.
"We are pleased that Nasdaq is now offering us the opportunity to further clarify our sustainability value for our investors by, among other things, giving Magnolia Bostad a green designation on the share list," says Johan Tengelin, CEO of Magnolia Bostad.
For more information, please contact:
Fredrik Westin, CFO
fredrik.westin@magnoliabostad.se
Marita Björk, IR and Financial Media Manager
+46 72 720 00 06, marita.bjork@magnoliabostad.se
Magnolia Bostad AB, CIN 556797–7078, is a leading urban developer that develops new residential properties primarily rental apartments but also tenant-owned apartments, community service properties and hotels, in attractive locations in Sweden's growth areas and major cities. Housing is being developed both for sale and for self-management. Our work is based on a holistic approach where the operations are conducted in a way that promotes long-term, sustainable urban development. Magnolia Bostad's shares (MAG) are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.com
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