FOERSLOEV, Sweden, Dec. 13, 2002 (PRIMEZONE) -- Peab's (Stockholm:PEABb) board intends to propose to the Annual General Meeting in May 2003 that all managed property be distributed to the company's shareholders in accordance with "Lex Asea." The property will be distributed in the form of shares in a property company.
The intention is to list the shares in the property company. There are at present some 70 properties with a value of approx. SEK 2.5 billion and a yield of approx. 8.5%.
The properties are concentrated to the south of Sweden and consistmainly of two parts:
- Skanehus with homes and commercial properties
- Birsta with logistics properties strategically located along
the major roads between Malmo-Goteborg-Stockholm-Malmo.
The preliminary schedule is that the properties will be distributed and listed during the second half of 2003. The properties will be distributed outside ordinary dividends. Detailed information will be given at the latest in conjunction with Peab's 2002 interim statement for 2002, which will be presented on February 14, 2003.
"The distribution of our managed properties is the final step in the process to turn Peab into a purely construction and civil engineering company. It is gratifying to be able to distribute the properties, which is deemed to be the most value creating alternative for our shareholders," commented Peab CEO Mats Paulsson.
For more information, please contact:
Mats Paulsson, CEO Peab +46 431 89 135 Mats Leifland, CFO Peab +46 733 37 10 06 Gosta Sjostrom, Information Manager Peab +46 733 37 10 10 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2002/12/13/20021213BIT00290/wkr0001.doc www.waymaker.net/bitonline/2002/12/13/20021213BIT00290/wkr0002.pdf