The company told investors that it made the decision because it is a multinational company with operational functions in several different countries. It is currently designated as a Finnish company.
The move will allow flexibility and the company also seeks certain benefits of legislation that apply to SEs, it added.
To advance this proposal the company has drawn up new draft terms - dated 17 May - which will be voted on at a shareholder’s general meeting, to take place at least one month from the date of the draft proposals.
Afarak anticipates that the most likely timing for the conversion will be at the end of the year.
“Conversion into an SE does not affect the company’s domicile, location of the head office or the employees’ employment contracts. The role of shareholders will also remain unchanged,” the company clarified.