Kemijoki Oy’s largest shareholder is the state of Finland
Kemijoki Oy’s largest shareholder is the state of Finland with 50.10% of the company’s shares.
Kemijoki Oy’s shareholders and distribution of shares
Kemijoki Oy is a Mankala company
As a so-called Mankala company, Kemijoki Oy’s main purpose is to produce electricity at cost for its shareholders. The company has two share series, A series for hydropower shares and B series for monetary shares.
The state of Finland owns Kemijoki Oy’s B series shares, i.e. monetary shares.
The A series shares (hydropower shares) entitle and obligate shareholders to purchase electric power produced by the company in proportion to their shareholding of the A series shares.
The price for the shareholder electricity is determined annually based on the operating plan and budget approved by the company’s Board of Directors. The selling price for the electricity is based on the following: the company’s earnings from selling the hydropower need to cover the expenses arising from business operations and necessary and sufficient depreciations as well as the annual dividend paid to B series shareholders, amounting to EUR 0.34 per share.