June 16, 2020 / 5:35 AM / a month ago

Kinnevik proposes special dividend after 4.4% Zalando stake sale

STOCKHOLM, June 16 (Reuters) - Kinnevik AB said late on Monday it was planning a 1.9 billion crown ($205 million) special dividend to shareholders after selling a 4.4% stake in online fashion retailer Zalando to institutional investors through an accelerated bookbuilding process.

The extraordinary dividend proposal, which corresponds to 7 crowns per share, is planned to be put forward at an extra shareholders meeting to be held during August at the latest, the Swedish investment firm said.

“With the sell-down in Zalando, we have significantly strengthened our financial position, enabling us to capitalize on upcoming opportunities within the high-performers of our younger growth portfolio,” Kinnevik Chief Executive Officer Georgi Ganev said in a statement.

“By proposing a SEK 1.9 billion extraordinary dividend, we ensure we remain lean and financially disciplined, and that we honor our commitment to our shareholder remuneration policy.”

After the Zalando stake sale, Kinnevik owns 21.3% of share capital in the German firm.

$1 = 9.2591 Swedish crowns Reporting by Johannes Hellstrom; Editing by Anil D'Silva

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