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Kinnevik to distribute Millicom stake to shareholders

Kinnevik AB plans to distribute its entire 37.2% stake in Luxembourg-based Millicom International Cellular SA to its shareholders before year-end.

The Swedish investment firm will distribute 37,835,438 Millicom shares to its shareholders in the form of Swedish depository receipts listed on Nasdaq Stockholm. The shares have a total value of about 19 billion Swedish kronor.

The move will allow Kinnevik to focus on supporting disruptive and technology-enabled businesses, while ensuring stable investments in telecom operator Tele2 AB and e-commerce company Zalando SE.

Kinnevik will also amend its dividend policy to allow paying out extraordinary dividends instead of annual cash dividends.

In June, Kinnevik dropped plans to divest its stake in Millicom due to "unfavorable market conditions."

As of Sept. 17, US$1 was equivalent to 9.67 Swedish kronor.