By Anna Molin
STOCKHOLM--Swedish investment company Investor AB (INVE-B.SK)
Tuesday said it had bought more shares in Zurich-based automation
and power technology company ABB Ltd. (ABB.SK) in the first
quarter, as it reported a 13% quarterly jump in its closely-watched
net asset value.
The company's net asset value rose to SEK388 per share, an
increase of SEK45 per share over the quarter, largely driven by
value gains in its listed holdings.
Chief Executive Borje Ekholm, in his final executive comments
before stepping down to head up a new Investor-linked company in
May, said the quarter's continued stock market rally was no
surprise given the unprecedented economic stimulus in the
market.
"In an environment with low, or even negative interest rates,
yield-chasing investors have nowhere to turn but to the stock
market," Mr. Ekholm said.
Net profit at the Stockholm-based company rose to 34.01 billion
Swedish kronor ($3.93 billion) in the first quarter compared to
SEK12.16 billion in the year-earlier quarter.
Investor--the investment vehicle of Sweden's powerful Wallenberg
family--said it bought SEK961 million worth of additional shares in
ABB and that its unlisted holdings Aleris and Permobil both
acquired other companies in the quarter.
Aleris, a healthcare provider, picked up Scandinavian peer Teres
Medical Group, while wheelchair provider Permobil acquired
U.S.-based ROHO Group, which makes skin protection and positioning
solutions for wheelchair users.
In a separate announcement, the company proposed that an
additional member, Sara Ohrvall, be elected to its board of
directors. Ms. Ohrvall is a co-founder of digital consultancy firm
MindMill Network and a board member of publishing group Bonnier
News and will help increase the percentage of women on Investor's
board to 40% from 25% currently, Investor said.
Sweden's government has indicated that it will introduce
mandatory quotas to increase the share of women on company boards
unless the companies themselves quickly begin to improve gender
diversity.
-Write to Anna Molin at anna.molin@wsj.com; Twitter:
@AnnaWSJ
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