The British Virgin Islands company Kermas Limited announced that on 11 December 2009 it entered into an agreement to sell 6,600,000 shares of Ruukki Group Plc, a company that specialises in industrial refining of certain natural resources and works in the areas of wood processing and minerals. After this deal, Kermas Ltd's current ownership has fallen below 30% of the share capital of Ruukki Group Plc and voting rights attached to these shares based on share transactions carried out on 10 December 2009.
By terms of the agreement, the BVI company was to sell 6,600,000 shares of Ruukki Group by 14 December 2009, and as a result of this share transaction, Kermas Ltd's proportion of voting rights attached to all the Ruukki Group Plc shares outstanding excluding treasury shares held by the Ruukki falls to just 29.58%. Thus, the BVI company has fulfilled the conditions of the exemption received from the Finnish Financial Supervisory Authority and will no longer have an obligation to make a mandatory bid for Ruukki Group Plc shares according to the Securities Market Act.
