KONE to start repurchasing own shares for its share-based incentive plans

KONE Corporation, stock exchange release, November 2, 2022 at 4.00 p.m. EET

KONE to start repurchasing own shares for its share-based incentive plans 

The Board of Directors of KONE Corporation has decided to start repurchasing the company's own class B shares on the basis of the authorization given by the 2022 Annual General Meeting. The shares shall be repurchased to be used as a part of share-based incentive plans of KONE. The maximum number of class B shares to be repurchased is 1,200,000 and the maximum amount to be used for the repurchase is EUR 50.0 million. The shares shall be repurchased in public trading in one or several instalments at the market price prevailing at the time of purchase. The share repurchase shall start on November 3, 2022 at the earliest and end by December 7, 2022 at the latest.

The General Meeting held on March 1, 2022 authorized the Board of Directors to decide on the repurchase of a maximum of 52,930,000 of the company's own shares with assets from the company's unrestricted equity, so that a maximum of 7,620,000 class A shares and a maximum of 45,310,000 class B shares may be repurchased. 

The total number of shares in KONE Corporation is 529,395,860 of which 76,208,712 are class A shares and 453,187,148 class B shares. At the moment, KONE Corporation owns 11,221,025 of its own class B shares.

For further information, please contact:

Natalia Valtasaari, Head of Investor Relations, tel. +358 204 75 4705  

Sender:

KONE Corporation

Johannes Frände
Secretary to the Board

Ilkka Hara
CFO

About KONE
At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2021, KONE had annual sales of EUR 10.5 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

www.kone.com