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Finnish Kemira eyes EUR200m in rights issue

Posted on: Mon, 23 Nov 2009 10:54:00 EST

Symbols: KMRAF

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Nov 23, 2009 (M2 EQUITYBITES via COMTEX) --
KMRAF | Quote | Chart | News | PowerRating -- 23 November 2009 - Finnish chemicals company Kemira Oyj (HEL: KRA1V)
said today that it plans to raise some EUR200m in a one-for-four rights
issue, priced EUR6.60 a piece.

The company will use the proceeds to pursue its growth strategy and
fund the separation and the listing of its paints and coatings
subsidiary Tikkurila Oy. In addition, the company will strengthen its
balance sheet.

The subscription period will run on 1 to 18 December 2009, and Kemira
will offer up to 30.3 million new shares.

The company's four largest shareholders, have given subscription
commitments and guarantees, representing 74.5% of the offered shares.
In addition, the shareholders have undertaken to subscribe for up to
7.4 million offered shares that may remain un-subscribed for in the
issue.

In case of not all of the offered shares have been subscribed for
pursuant to the exercise of subscription rights, Kemira will carry out
a secondary offering of shares without subscription rights .

(EUR1 = USD1.49)

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