By Dominic Chopping

STOCKHOLM--Swedish engineering group Sandvik AB said Thursday that its annual general meeting has approved the distribution of its Sandvik Materials Technology unit--known as Alleima--to Sandvik shareholders.

Sandvik's shareholders are entitled to one share in Alleima for every five shares held in Sandvik, with the last day for trading in shares of Sandvik including the right to receive shares in Alleima set for Aug. 25, 2022, it added.

The first day of trading in Alleima on Nasdaq Stockholm is expected to be Aug. 31.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 04, 2022 05:36 ET (09:36 GMT)

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