Peab and Folksam launch the Peab fund
Peab and Folksam have created a new, special fund for Peab employees. The fund will be administrated through active management of shareholding and fund participation, dominated by the Peab share.
A special fund called the Peab fund has been created through a unique cooperation between Peab and Folksam. The fund is a mutual fund which will invest in shares and share-related transferable securities as well as fund participation. A substantial part, maximum 40 percent, of the fund’s wealth will be invested in Peab shares.
The fund is managed by Cicero Fonder and will be open to anyone through Cicero.
Peab employees will be offered various opportunities to save for their retirement in the new fund. These retirement savings will be connected to insurance programs providing Peab employees with survivor benefits in their long-term retirement savings plans.
”Establishing the Peab fund is the first and fundamental step in a deepening cooperation between Peab and Folksam in the area of pension plans. Through this fund Peab will give its hard-working employees new opportunities, in addition to those provided under the collective bargaining agreements, to safeguard their future after a life of service,” says Mats Johansson, Vice-President of Peab.
”This is the first step in providing Peab employees with attractive savings choices. Through this cooperation Folksam will also be able to offer various insurance and savings programs to Peab employees over time,” says Mikael Fekete-Robertsson, Head of the Life Insurance and Savings Market at Folksam.
This initiative is part of Peab’s vision of being a community builder and attractive employer by further strengthening Peab’s bond with its personnel and reinforcing its position on the Scandinavian construction and civil engineering market.
The fund will strive to spread risks well and generate a higher real rate of return than the real rate of growth in the economy over time.
For further information please contact:
Mats Johansson, Vice-President Peab, +46 733 37 10 11
Mikael Fekete-Robertsson, Head of the Life Insurance & Savings Market at Folksam, +46 708 31 60 86
Niclas Brantingson, Information Manager Peab, +46 733 37 20 06
Peab AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act.
The information was submitted for publication at 9.15 am on 10 September 2010.
Previous press releases from Peab are available at www.peab.com
Peab is one of the leading construction and civil engineering companies in the Nordic countries with a net sale exceeding SEK 35 billion and approximately 13,000 employees. The Group’s subsidiaries have strategically located offices in Sweden, Norway and Finland. The share is listed on NASDAQ OMX Stockholm. The registered office of the Group is at Förslöv, Skåne in south of Sweden.