Employees bought shares for record amount
The annual sale of shares to Veidekke employees has just been completed, and this year saw record sales totalling NOK 58 million. More than half of the employees now own 19.5% of the shares in the company. "I am proud, humbled and motivated by so many of our employees choosing to buy shares in Veidekke," says CEO Terje R. Venold.
Almost 6,000 permanent employees at Veidekke were given the opportunity to buy between 50 and 2,000 shares in the company at a 20% discount with a lock-in period of two years. A huge 1,800 employees took advantage of the opportunity, and following this year's sale 3,300 employees own a total of 26.2 million shares in Veidekke. This totals approx. NOK 1.3 billion and entails that employee shareholders hold an average share value of NOK 400,000.
"At Veidekke we are strong believers that employees who own shares in their own company are more motivated and committed to their work. Throughout its 73 years of operation, Veidekke has never posted a deficit. I am convinced that the broad ownership structure is a significant contribution to increased focus on profitability and risk management and thereby our positive results over time. Ownership also contributes towards greater understanding of and knowledge about our company," says Venold.
"When so many of our employees spend their savings on shares in the company, it indicates optimism and a belief in the future even during these difficult times. It is particularly encouraging that 175 employees bought shares in Veidekke for the first time and that a majority of these (60%) were skilled workers," concludes Venold.
For more information please contact:
President and CEO Terje R. Venold, tel +47 21 05 77 01 / +47 905 82 323, terje.venold@veidekke.no
CFO Jørgen Michelet, tel +47 21 05 77 22 / +47 91 74 38 56, jorgen.michelet@veidekke.no
Communications Director Kai Krüger Henriksen, tel +47 21 05 77 04 / +47 90 51 93 60, kai.henriksen@veidekke.no
Veidekke ASA is a leading Scandinavian building contractor and property developer with 6,250 employees and turnover of NOK 19.4 billion (2008). The group is listed on the Oslo Stock Exchange and has a dispersed ownership structure with the employees owning 19.5 % of the stock. The business spans a wide spectrum of building and construction projects, developing housing and commercial buildings for private and public sector clients, asphalt plants and road maintenance as well as collecting and recycling waste.