Finnish equipment rental giant Cramo said this week that Hartwall Capital Oy AB and other shareholders have sold more than 4.6 million shares representing 10.9 percent of the shares in Cramo to Finnish and international institutional investors. After the placement, Hartwall still owns almost 4.5 million shares representing 10.6 percent of Cramo’s stock.
A business analyst told Bloomberg.com that while it’s not favorable when a company’s leading stockholder sells a large portion of its stake, Cramo’s strong performance this year allays market fears. Cramo’s stock, Bloomberg said, has gained 58 percent in 2013 even after a single-digit decline following the sale. The analyst said that Cramo has benefited from its proximity to neighboring Sweden, where construction demand has been strong.
Cramo, based in Vantaa, Finland, near Helsinki, has operations in 15 northern and central European countries.