As chairman of the board, it is my pleasure to wish you welcome to this presentation. You will have seen from the invitation that the board is proposing a new share class. To present this proposal, I have with me the CEO of the company, Rolv Erik Ryssdal, and the CFO, Trond Berger . For the last 15 years, the mantra of Schibsted has been to achieve digital growth. Under this strategy, we have strived to establish the right set of tools. We have, of course, hired the very best management.
We have attracted highly talented people. We have strived to install a culture of innovation and of risk-taking, but also importantly, we have supplied the capital to achieve this growth. Since 1992, when we introduced the stock, I can tell you at NOK 26 per share, it is now NOK 500. We have not raised capital except in 2009. We have sold off non-core assets. We have sold off non-performing assets, in order to raise capital.
However, today, looking forward, the board thinks it's important to have more financial flexibility to achieve the goals that we see and have set. That is why we now propose to the general assembly to introduce the new asset class. To present the rationale behind this, I will call upon Rolv Erik, and afterwards, Trond will go through the technical details of this proposal, and we will sum it up with a Q&A session. Please.
Thank you very much, Ole Jacob. Good morning, everyone. This is a very exciting day for Schibsted. Very exciting day for me. We have, in the last few years, pursued a strategy that has given us many interesting opportunities, and I'm looking forward to the opportunities ahead. I think what we're doing now will be an important tool in achieving further success for Schibsted.
The topic today is to go through the presentation and the fact that the board of director has recommended to the AGM scheduled for the May 8th to split the share capital of the company into two classes of shares with equivalent economic rights, yet different voting rights. If this is approved by the AGM, each holder of one existing share will receive one share carrying 10 voting rights. That is the Class A share. One share carrying one voting right. That is the Class B share. Schibsted will apply for listing of the Class B shares on the Oslo Stock Exchange, currently expected to be effective on or around June first. The rationale of this proposal is that Schibsted wants to increase its financial flexibility, and we believe that the share split is the most efficient way to do so.
I will now walk you through the background behind this proposal. First of all, I wanna stress our group strategy remains unchanged. As you know, in the online marketplace space, we're focused on being a global leader. That means that we have to participate in the consolidation that is taking place right now in the industry, in many of the markets where we're operating already. We're also looking into entering into new verticals in new markets, and we are very focused on capturing growth in emerging markets. For the media houses, the key challenge that we're working on all the time remains the transition from offline to online.
We're offering more digital products and editorial content to our customers. Moreover, we're increasingly introducing new technologies and tools to make our product offer more appealing to our customers, but also to allow us to capture more data on consumer behavior. Another important area for us is Schibsted Growth. Our new online services, where we're focusing on personal finance and new online marketplaces. I believe that if you look at where we're standing today, we have been quite successful the last few years. With our online marketplaces, we're present in 24 countries, and we're reaching more than 200 million people on a weekly basis.
We started out in Norway and then Sweden, smaller markets. If you look at our positions today, this is a winner takes all market, and we are the number one in general classified category in almost every market we're operating in. This includes some of the largest and most interesting markets in the world, such as France and Brazil. If you look at our portfolio in more detail, you can see that our well-established market-leading sites in Europe, I believe they're very well-positioned both for further growth but also for monetization. Looking at the larger markets like France, Spain, and Italy, I expect to be very interesting from a growth perspective in the years to come. An interesting part here is also, of course, that we're using the strength from our existing sites to expand into new verticals.
Most interesting example right now is France, leboncoin, where we built up a very strong position in generalist, and we're now entering into the real estate market. I can tell you that so far that looks very promising. For the rest of the portfolio, we're seeing that we have a very interesting portfolio in the investment phase. That is developed to a large degree through our joint ventures with Telenor, Naspers, and Singapore Press Holdings, and then, of course, also Avito in Morocco. I think it's fair to say that we already seen a very positive traffic response in the markets after the consolidation. We are encouraged by the progress we're making in these markets, and we believe there are many interesting opportunities. Now, how has this been built up?
If you look at the development of the revenue in Schibsted classified media, you can see that we started out at zero in the year 1999. Now, last year, we're close to a turnover of NOK 5 billion. Now, this has been achieved through a combination of organic growth and acquisition. Those are the ones that I circled here on the on this slide. I believe that we have been quite good at finding attractive targets and also at integrating them into our portfolio. We believe that we have an industrial knowledge that and we realize synergies when we've been doing M&A.
As you know, we have lately focused a lot of in-market consolidation, and that has proved to be value creative for our shareholders. As we have done in the past, we would expect to continue to engage in M&A activity because we believe that will continue to be important in the markets we're operating. I'd like to stress also that in these transactions, we found it to be an advantage to have a currency. And that currency we'll get now if the AGM approves the B shares. We see that in many cases, the sellers prefer to have a stake in the game going forward rather than exiting. An example in case was last year when we did the acquisition of Milanuncios in Spain, where the seller wanted to continue to own part of the company.
That was done through, that he owns share in today in Schibsted Spain. Of course, the B share will represent a much more liquid currency. I have already mentioned the deals with Naspers and Avito, let me spend a little bit time on it. If you look at the big transaction that was announced late November with Naspers, Telenor, and Singapore Press Holdings, I believe that has been very value creative for our shareholders. I'm very encouraged by the traffic development I'm seeing on those sites. Traffic is doubling in Brazil.
It's actually increased even more in Morocco, where we did a transaction with Avito. This year, not to forget, we actually did a second deal with Naspers, which was centered in Europe, where we acquired their operations in Hungary, they acquired our operations in Romania and in Portugal. I believe this is an evidence that we're reassessing our portfolio and trying to find what is the best mix. Now, going forward, let me stress that again. Our strategy remains unchanged. That means that we'll continue to pursue growth opportunities within online classifieds, both organically and through acquisitions.
A lot of the focus the last years have been in market consolidation. I believe that will continue to be very important in that strategy. We are looking to continue to participate in the ongoing consolidation and also enter new markets if that is deemed attractive. I mentioned that we expand into new verticals. Sometimes we do it only organically, sometimes we do it through bolt-on acquisitions. You can see some recent example of this on this slide.
For our Media House segment, our aim is to lead the digital transformation going forward. We're going to focus in particular on developing technologies for our mobile and tablet platforms and web TV offerings. The goal here is to strengthen the reader involvement and to increase the digital subscription. Through our buildup in technology and data, we're able to make better offerings both to advertisers and to our readers. We're seeing a significant potential in Schibsted Growth, which is already today a NOK 1 billion business. We already have the leading positions in personal finance in Sweden and Norway.
We're looking to capture opportunities outside the Scandinavian market as well. I mentioned the focus on personal finance and growth opportunities. I think what is important to note for us is that we have what I believe to be a unique position to grow this area because our online marketplaces and our media houses, they generate a combined large volume of traffic and data, a large data set on user behavior. This gives us a very good base to develop ecosystem that will both enable us to defend existing revenues and at the same time position our companies for further growth opportunities. I believe that the data sets that we have available through our different sites gives us an edge when it comes to developing great products for advertisers and for our readers.
With that, I think I'll leave the next part of the presentation to you, Trond, to go through the technicalities of the B-shares.
Thank you, Rolv Erik. Schibsted should have the financial flexibility to pursue possibilities within acquisitions and to grow according to our strategy. Therefore, we see this as an important financial tool in order to fulfill our strategy. You know that we, as of today, we have a target of net interest-bearing debt over EBITDA of 1 to 2, which we believe is a prudent and good target for a growth company. As we see many value accretive possibilities out there, we see this as an important step in order to be able to fulfill and also have the adequate need and financial flexibility to do acquisitions and grow the company. The introduction of the B-shares class, that is done in a simple and straightforward way.
We have looked at what is market practice out there. We have then decided to split the share in two, meaning that it will be 50% A-shares, 50% B-shares. It will be one high-voting A-share with 10 times vote compared with the low-voting B-shares. Also important to notice that the new B class will have the same economic rights as the A-share today. It will be the same rights for the both two classes. This will be listed later. We established a new share class now. Of course it will be later that we will, if needed, utilize the B class as such.
The benefit of the B Class is of course that we can then pursue, as I said, many attractive possibilities. It is a permanent structure in a way. It also mitigate current structure of Schibsted. You know that Tinius Trust and Blommenholm Industrier , they have been supportive and long-term holders since the listing, as Ole Jacob mentioned. We believe it's vital to also have a long-term holder and a support of our strategy going forward. This is a vehicle that Is mitigating that current structure, which is also will be important in the future. This new share class, important to notice that we, Schibsted, we have consented to a 3-month standstill for the share.
The same has also Blommenholm accepted at the 3 months lock-up and standstill. That is important to notice when we establish these new Class. If we then proceed to the timing and process, we have a 3-week notice to the general assembly. That is today, we're sending out a notice. Then, we will have the AGM May 8. What we are doing then is establishing the share class. Giving the authority to do so, we need to go through a prospectus period, which is a standard way of doing it.
If the Financial Supervisory Authority of Norway need to, of course, approve this, and Oslo Stock Exchange. Then the plan is to list the new Class B at June 1st. Important to notice, as I said, that there is no plan to issue equity as a part of establishing this new share class. It will be, as I said, something that we have the tool to do later if we do see the financial need and also in relation to then attractive acquisitions that could occur. We have been in contact with the Oslo Stock Exchange, and they will be positive to let Schibsted be listed with a new B-share class at the Oslo Stock Exchange. So that is something that we expect to proceed as planned. Then I will leave the word and key takeaways to you, Rolv Erik.
Thank you very much, Trond. As I said, at the start, it's a exciting day for us. I would like to stress that the strategy of the company remains unchanged. We'll continue with the digital transformation and pursue growth opportunities. Secondly, I believe that we have many interesting things to look at in the years to come. Not least, I believe that this B-shares structure will give us the toolkit, the equipment that we need in order to take advantage of those opportunities. We have a healthy financial situation today. We have a healthy balance sheet. Going forward, we'll have an even bigger toolkit by introducing the B-shares. That was our presentation. Thank you very much.
I would like to ask the Chairman, Ole Jacob, to come up again and please invite you for a Q&A session. Well, there seems to be a, we must have been pretty clear about what we said, at least for the participants in this room here. Of course, we're happy to take questions in this room or if there's anyone on the webcast.
I can take one question from the webcast. Will the new B-shares be printed without pre-emptive rights, i.e., used to pay with or printed to existing shareholders to finance deals?
Trond?
Well, the new B class will be the share class that we typically will use to raise new equity. It will be the same rights as I described with the voting shares. It will have the same economic rights. That goes for. That will be the tool that we will use in the future.
Any further questions, Anders?
One thing I think would be interesting for our shareholders to know is that we have all crossed the five largest shareholders in Schibsted over the last 24 hours. The reaction from the five largest shareholders is that they understand what we are asking for in order to pursue our strategy. We understand that they are supportive to what we are doing. Of course, they will use the time up till the general assembly before they make their final decision.
Yeah, good point, Trond. That dialogue has been supportive. Please, first question.
Thank you. Do you feel that over the last year or two, that the current structure has been limiting you from opportunities out there? Is that why you're doing this? Is it more that you are proactive in anticipating things that you now see more realistic to do and now it appears to be a constraint on the current structure?
No, the existing structure has not been a limitation for us so far. As we stressed also, we don't have any current plans to issue new capital. This is solely to equip the company better for the future. Anders?
Yeah, a couple more questions from the web. Out of the opportunities that you mentioned, for growth, would you prioritize consolidation opportunities in the markets? Or are there also deals that would expand the Schibsted's footprint? Can we expect deals in established markets in Europe or in developing markets?
I think I mentioned that we have had good experiences by doing in-market consolidations and bolt-on acquisitions in adjacent verticals. I think that will be high on the agenda going forward. We'll also evaluate if there are other interesting opportunities. Europe is of course high on our agenda to continue and to expand to the markets we're already in there.
I think it's important. I was just going to add that I think it's important that the market understands that the strategy is unchanged. There's nothing changing in our strategy. In a way, the answer that Rolv Erik is giving is following from that.
Next question.
Yes, another question from the webcast. Do you know if Blommenholm Industrier's intention is to hold shares representing more than 25% of the votes going forward?
Well, I believe, I'm not the right person to answer that.
I should stress that I'm here as the chairman of the board of Schibsted, and thinking about all the shareholders. If I should change for a while, I could say that Schibsted has had the opportunity to have a supportive shareholder in the trust and Blommenholm Industrier, there's no change in that strategy.
Another question, Anders.
Yes. A question. Why are you capping the dilution to 5% or 10% of B-shares? This may still leave you out thinking of, larger opportunities.
I think there might be a misunderstanding there because what we are doing is that we are splitting current shares in two classes, 50% each. What we are doing in addition to establishing the new B-class, we also ask for a standard proxy, which gives then the board authority to raise up to 5% equity. That is a standard market practice, especially in Norway, which the General Assembly frequently gives in companies to the board. There is no limitations as such when it comes to the B-class establishments itself.
The way we will most likely pursue this is of course that if needed later, due to financial reasons, then it will be an issue at some point later in the B class.
Any further questions? Do you have anything more, Anders? In that case, I'd like to remind you that there is also a telephone conference taking place this afternoon at 2:00 P.M. Central European Time. I can also tell you that Trond and I will spend time the next few weeks visiting investors in Oslo and London and New York. We're of course available to any questions or queries that you might have. Okay. Thank you very much.
Thank you.