Shareholder structure

Until the beginning of 2007 the Flemish Region had a majority holding through the Vlaamse Milieuholding nv of 54.20 % in Indaver. In addition there were 23 industrial shareholders holding 44.80 % of the shares. The majority shareholder of these was the Belgian utilities company Electrabel. The staff and former staff at Indaver held 1 % of the shares.
In early February 2007 Electrabel sold its participation to its subsidiary Suez Environnement.
On 15 February 2007 the Vlaamse Milieuholding nv signed an agreement with a number of industrial shareholders and DELTA nv by which a majority package of Indaver shares would be sold to DELTA nv. 25 % of the shares plus one share remained in the hands of the Vlaamse Milieuholding and a number of industrial shareholders. On 16 March 2007 DELTA nv became the new majority shareholder of Indaver. Since then the shareholder structure has been made up as follows.