Michelin regains 20% share of Scandinavian Enviro Systems

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Michelin again holds a 20% share in Scandinavian Enviro Systems, following the dilution of its holding in May due to the completed new issue.

Via a directed issue carried out in April 2020, Michelin acquired, via its subsidiary Michelin Ventures SAS, 20% of shares in Scandinavian Enviro Systems, making it the largest owner of the Scandinavian company.

In May 2021, Enviro finished a directed issue to Unwrap Finance AB for a total of 10,000,000 new shares, raising proceeds of Skr20,950,261 (US$2.4m) before issue costs. The subscription price per share was Skr2.095 (US$0.24) and the number of shares in the company following the issue equaled 590,826,115. It was two million of these shares that Michelin acquired. 

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After spending six years working as a mechanic for various motorsport and high-end performance car companies, Callum joined UKi Media & Events in February 2020 as an assistant editor. In this role he uses his vast practical knowledge and passion for automotive to produce informative news pieces for multiple vehicle-related sectors. Currently, he is responsible for content across UKi Media & Events' portfolio of websites while also writing for the company's print titles.

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