Carnegie acted as manager in the rights issue in Metro International S.A. The rights issue had a primary subscription of more than 99 per cent which, combined with the subsidiary subscription by existing shareholders, resulted in an oversubscription of approximately 20 per cent. The subscription price was SEK 2.30 per share and the issue generated approximately SEK 252 million before transaction costs. Metro International S.A. also converted SEK 1,151 million of interest-bearing liablilities into equity by issuing new shares at a price of SEK 3.75 per share to Kinnevik and MTG. Metro International S.A. is the world’s largest free newspaper, publishing and distributing 25 editions in 16 countries and in 14 languages. August, 2003.