Update on the process concerning Veidekke’s property development operation

In November 2019, Veidekke’s board of directors made the decision to spin out the property development operation with an amended ownership structure. As reported at Q4 2019, the work is progressing as planned. Consideration will be given to both stock-exchange listing and the sale of the operation, and Veidekke will make a decision regarding ownership structure and transaction model in the first half of 2020.

In the event Veidekke should decide on a stock exchange listing, Jørgen Wiese Porsmyr, currently EVP at Veidekke, will take on the position as CEO of the new listed company. Likewise, Siv Hege Solheim, currently Senior VP Accounting and Controlling at Veidekke ASA, will become the new company’s CFO.

Jørgen Wiese Porsmyr (48) started in Veidekke in 1995 and has been part of the corporate management group since 2007. He served as CFO of the Veidekke Group before, as EVP, taking on responsibility for i.a. the property development operation. Jørgen Wiese Porsmyr has a Master of Science degree (siviløkonom) from Norwegian School of Economics and Business Administration and Hochschule St. Gallen.

Siv Hege Solheim (45) started in Veidekke in 2009 and has held the position as financial director in Veidekke ASA since 2011. Siv Hege Solheim has a Master of Science degree (siviløkonom) from Norwegian School of Economics and Business Administration.

The agreements entered into today do not affect the choice of future ownership model for the property development operation but provide Veidekke Property Development with a structure in place to cover any possible outcome of the process.