Siba and Netonnet-owners taking home profits before IPO

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The Swedish electronics chains Siba and NetOnNet owners are preparing an IPO.
But first they are emptying the profits of the old holding company.
For the past two years have the Bengtsson family recouped 275 million SEK, according to Dagens Industri.

Siba and Netonnet merged as they became subsidiaries of the newly formed Netonnet Group at the end of last year.

It is also the company that will be listed on the Stockholm Stock Exchange during the next year.

But in the restructuring, the former holding company, called Riebe, become superfluous.

Fabian Bengtsson, former president of Siba and now board member of Netonnet Group and the holding company Waldir says to Dagens Industri that Riebe is a dormant company, and that it was over-capitalized before they went into the restructuring. Dividend payments made were the first in ten years.

Otherwise, preparations for the IPO goes according to plan.

Netonnet Group reported 2014 sales of more than 3.9 billion SEK and an operating profit of 123 million SEK. This after a tough time for both chains who suffered from the price war on the Swedish market, where Siba had a tactic of retreat and closing down stores in order to survive.