Plan for partial demerger and listing of Bittium Corporation
The Board of Directors of Elektrobit Corporation has on February 18, 2015 approved a plan for partial demerger of the company and intends to list Bittium Corporation as a separate entity at Nasdaq Helsinki. The Board of Directors of EB has also updated the strategic guidelines and financial targets of EBīs Business Segments for the years 2015-2017.
Based on the demerger plan, the assets and liabilities related to EBīs Wireless Business Segment will be transferred to Bittium Corporation, an entity to be newly established in the partial demerger that will be listed at Nasdaq Helsinki. EBīs Automotive Business Segment remains as a part of the current EB, which will continue its listing at Nasdaq Helsinki. The partial demerger will need to be approved by an extraordinary general meeting, expected to be held on June 11, 2015. The planned effective date for the demerger is June 30, 2015. Additional information on the partial demerger plan and the updated strategic guidelines has been presented in a separate stock exchange release on February 19, 2015.