Aker's Chief: No Aker Kvaerner Share Flotation
Following divestitures earlier this year of Aker Kværner and Aker Yards shares, Aker has regularly been the subject of rumors claiming an imminent floatation in the market of Aker's significant holding of Aker Kværner stock. Aker hereby announces that no such sale will occur.
"A secondary sale in the market of Aker Kværner shares will not take place," said Aker's Board Chairman and President and CEO Leif-Arne Langoy. Aker owns more than 40 percent of Aker Kværner stock.
"Aker considers the value of its Aker Kværner shareholding to be the greatest when it is held by a single owner," Langoy added.
In January 2007, Aker floated 10 percent of Aker Kværner and Aker Yards stock in the market. In March, Aker sold its remaining 40 percent of Aker Yards shares in the same manner.
Through these transactions, Aker freed up significant capital. With cash and cash equivalents exceeding NOK 8 billion, Aker is able to offer its shareholders considerable predictability regarding future dividend payments, in line with the company's dividend policy. Moreover, the company has the financial clout to further develop its various business activities in pursuit of its established business strategy.
Aker is an active, industrial ownership company whose largest businesses include Aker Kværner, Aker Floating Production, Aker Drilling, Aker Exploration, Aker Oilfield Services, Aker American Shipping, Aker Seafoods, Aker BioMarine, and Aker Material Handling.
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