STOCKHOLM, Sweden, May 14, 2002 (PRIMEZONE) -- Electrolux (Nasdaq:ELUX): The decision by the Annual General Meeting (AGM) to cancel 27,457,000 previously repurchased B-shares has now been implemented. The cancellation involves a reduction of the share capital by SEK 137,285,000, and enables Electrolux to repurchase shares again.
Additionally, the 27,457,000 C-shares that the AGM decided to issue to Svenska Handelsbanken in order to accelerate the procedure for reducing the share capital have been redeemed at par value, SEK 5, plus interest. The reduction involves the transfer of SEK 137,285,000 from unrestricted equity to the company's statutory reserves, part of restricted equity.
Following this reduction, the company's share capital consists of 10,000,000 A-shares and 328,712,580 B-shares, totalling 338,712,580 shares. Electrolux thus owns 9,148,000 previously repurchased B-shares, corresponding to 2.7% of the total number of shares.
The AGM in April 2002 authorized the Board of Directors to acquire and transfer own shares during the period up to the next AGM. Shares of series A- and/or B may be acquired on condition that after each transaction the company owns a maximum of 10% of the total number of shares.
The Electrolux Group is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chainsaws, lawn mowers, and garden tractors. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use sold under famous brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka and Husqvarna. In 2001, Electrolux had sales of SEK 135.8 billion and 87,000 employees.
Further information
Electrolux Press Hotline is available at +46 8 657 65 07.
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