Our strategy
Our vision is to form two separate companies. With the change, we want to maximize shareholder value.
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Aspo is planning a partial demerger
The Board of Directors has evaluated Aspo's strategic alternatives to maximize the long-term shareholder value. As a result, in August 2026, the Board of Directors approved a demerger plan concerning the separation of ESL Shipping into a new listed company (ESL Shipping Group Plc).
The demerger is conditional upon approval by the Extraordinary General Meeting, which is expected to be held on 7 December 2026.
Telko would remain with the current company following the demerger. The plan is that Aspo would then be renamed Telko Group Plc.
Strategic rationale of the demerger
Based on the assessment of the Board of Directors of Aspo, the separation of the transferring business from Aspo could increase the shareholder value by enabling each business to more effectively execute its own focused strategies and profit growth opportunities.
Due to the independent and separate operations of ESL Shipping Ltd and Telko Ltd, only limited synergies currently exist between the businesses. The businesses of Aspo differ significantly across several dimensions, including strategic focus, capital expenditure requirement, business time horizon, key performance indicators, and ESG focus areas. The demerger is expected to improve the performance and profitability of ESL Shipping Group and Telko Group through a reduction of complexity and stronger and unshared focus of the management and the Board of Directors. In addition, as two standalone companies, ESL Shipping Group and Telko Group could achieve faster organic and inorganic growth thanks to more tailored financing solutions and targeted capital allocation. Telko Group would benefit from having a more moderate leverage while implementing its new growth strategy. The new corporate structure would also allow the use of Telko Group's shares for M&A purposes. Additionally, the independent companies could implement their growth strategies in parallel without being constrained anymore by the current conglomerate structure and prioritized development activities.
The Board of Directors of Aspo believes that demerging into two separate companies would also increase the attractiveness of the companies as investments and facilitate the valuation of the businesses. Additionally, the separation would simplify company structures, increase transparency and clarify company investment profiles. The demerger would allow each current owner in Aspo to allocate ownership in ESL Shipping Group and Telko Group based on the investors' own priorities.
Key strategic strengths of Telko Group
- A specialized regionally leading chemicals distributor
- Significant organic growth opportunity supported by M&A
- Focus on specialty chemicals and value-added services
- Clear strategy for potential future profit growth
- Aiming to be a forerunner in sustainability in the industry
- The business model is characterized by a stable cash flow and strong returns
Key strengths of ESL Shipping Group
- Stable Northern Bothnian Bay market with expected structural demand growth
- Leading market player in an attractive niche market with strict requirements
- Unique expertise tailor-made for the core market
- Infrastructure-like operations through contracted revenue
- Sustainability expertise driving competitive advantage
- Potential profit growth path through new green investments and optimization
- Operative cash flow and strong debt capacity as enablers
Dividend policy aligned with strategy
The dividend policy has been adapted according to the company’s strategy and growth targets, the ongoing change, and the special characteristics of business operations.
Dividend growth takes into account the needs for funding in strategically important growth projects and is based on the positive development of profitability. The goal is to annually distribute at most 50% of profit for the period in dividends.
Sustainability supports profitability
Responsibility and profitability go hand in hand in Aspo’s business. We have set ambitious sustainability targets and aim to be a forerunner in sustainability.
Aspo, ESL Shipping and Telko are committed to Science Based Targets initiative (SBTi).
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Updated: 27.08.2026