380 executives bought 1,102,250 shares in Veidekke

Yesterday morning Veidekke issued a press release stating that 1.19 million shares were subscribed during the subscription period from 11 to 21 May. Following curtailment, 380 executives bought 1,102,250 new shares in their own company.

Co-ownership and the sense of being a part of the success is important in Veidekke. Every autumn all employees are given the opportunity to buy Veidekke shares at a discount, and every spring executives are given an extra opportunity to buy more shares.

This year 380 executives subscribed to the offer, and bought a total of 1,102,500 shares during the subscription period from 11 to 21 May.

"It is 39 years since shares for key personnel were introduced, and before the anniversary next year it is evident that this has been a great success. Getting involved and creating a sense of ownership is incredibly important for us at Veidekke," says CEO Terje R. Venold.

Veidekke associates now own 21.5 per cent of the entire company, and this autumn there will be a new opportunity for all employees to buy shares at a discount. 14.5 per cent of the total is owned by management.

Nils Hæstad, head of Region Anlegg (heavy construction), bought the maximum 4,500 shares in this subscription round, and wants to be a part of a successful future.

"The whole company has a good market outlook now, and I am particularly aware of that in my own field of construction. Our collaboration with German company Hochtief on the Dovre railway line is a good example that Veidekke will continue to grow," Hæstad says.

Any questions may be directed to:
Kai Krüger Henriksen,  Executive Vice President, Communication, tel. +47 21 05 77 04

Christopher M. Bjerke,  Assistant Financial Director, tel. +47  21 05 80 13 / +47 99 58 18 02

Picture: To the left, Nils Hæstad, Head of Heavy Construction in Veidekke and Magnhild Meltveit Kleppa, Minister of transport and communications at start of construction of  the E6-Dovrebanen project.

Veidekke is one of Scandinavia's largest contractors with 6,100 employees and a turnover of NOK 18 billion (2011). Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals. Veidekke is characterized by a decentralized organizational model with a strong corporate culture and a high degree of employee involvement. Over half the employees are co-owners, holding 20% of Veidekke's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.