Sanoma-WSOY Oyj was entered in the Trade Register on 1 May 1999. The operations of the merging companies Helsinki Media, Sanoma Corporation and WSOY were incorporated on 30 April 1999. The merging companies' shareholdings in Rautakirja were transferred to their respective subsidiaries which will continue their operations. Rautakirja Oyj will henceforth operate as Sanoma-WSOY Oyj's subsidiary. Growth will be sought in industries closely related to the companies' current operations and in international markets.
Sanoma-WSOY Oyj's establishment was entered in the Trade Register on 1 May 1999 with the trade registration number 760.638, and the company became operative on the same date. The share capital of the company has been set at FIM 363,803,990.
The operations of Helsinki Media Company Oy, Sanoma Corporation and Werner Söderström Corporation - WSOY, with the exception of their investment and real estate activities, were transferred on 30 April 1999 to subsidiaries established to continue the activities of the merging companies. The transfers were implemented as transfers of business referred to in the Business Income Tax Act.
Rautakirja becomes a subsidiary
Following the incorporation of operations and the merger, the aggregate shareholdings of SanomaWSOY's subsidiaries Sanoma Corporation and Werner Söderström Corporation in Rautakirja Oyj represent 54.74 per cent of the votes and 54.66 of the shares. Consequently, Rautakirja Oyj will be Sanoma-WSOY Oyj's subsidiary. This corporate relationship will in no way affect the positions of Rautakirja Oyj or its shareholders.
The breakdown of SanomaWSOY Group's shareholding in Rautakirja Oyj and its holding of the votes and shares by share class are presented in the enclosure.
Growth and development priorities
SanomaWSOY will seek growth in industries closely related to its current operations in Finland and through international expansion, mainly in Finland's neighbouring markets.
In addition to development of the company's current business, the focus of growth will be on learning, business information, special publishing, and services to specialised sectors.
The Group will also invest resources to new business sectors and practices which will emerge as a result of technological developments, such as Internet and Intranet communications, electronic commerce, and management of customer databases. Digital TV and radio operations will also offer new growth opportunities.
One of the key priorities is international magazine publishing where growth will be sought on a European scale.
Corporate activities will also henceforth be based on acquisitions as well as on long-term co-operation agreements, and operation through associated companies and joint ventures.
Additional information: Mr. Jaakko Rauramo, President and CEO; tel. +358 105 19 5020
President and CEO
DISTRIBUTION Principal media
Rautakirja Oyj's share capital is FIM 129,600,000; A-shares account for FIM 108,000,000 and B-shares FIM 21,600,000 of the total share capital. The A-shares carry in total