to start a new mobile telephony network in 1989. Millicom International Cellular was formed the following year. The first Kinnevik-run radio broadcasts began in 1991. During the same year, Kinnevik became the largest owner in newly established TV4 with a 20 percent shareholding. The free newspaper Metro International was launched in 1995 and the concept later spread rapidly throughout the world. Tele2 s was founded in 1993 and listed on the Stockholm stock exchange in 1996. In 1995, MTG was incorporated as a subsidiary of Kinnevik, having previously been a business area (Kinnevik TV & Media). MTG was spun-off to shareholders in 1997 and listed in Stockholm and New York. Jan Hugo Stenbeck died on 19 August 2002 and was replaced by Edvard von Horn as chairman. Pehr G. Gyllenhammar became chairman in 2004 and was replaced three years later by Cristina Stenbeck. In March 2016, Cristina Stenbeck announced her intention to step down as Chairman of Kinnevik and was replaced at the 2016 AGM by Tom Boardman. Cristina Stenbeck remains a board director of Kinnevik. Between 2005 and 2010, there was a major shift in the shareholdings in which ownership in Millicom increased and forestry shares decreased. At this time, the foundation was laid for investments in a number of internet businesses, particularly e-commerce companies. This profile was strengthened after 2010 with major investments in Rocket Internet, Zalando, Avito and Global Fashion Group, among others. In 2013, Kinnevik sold all its remaining shares in BillerudKorsnäs. Zalando and Rocket Internet, two Kinnevik-backed companies, made their Initial Public Offerings (IPOs) on the Frankfurt Stock Exchange in 2014. In October 2015, Avito was sold to the South African media conglomerate Naspers. In 2017, Kinnevik sold its remaining shareholding in Rocket Internet. Kinnevik today Georgi Ganev was appointed CEO of Kinnevik in January 2018. Dame Amelia Fawcett was appointed Chairman of Kinnevik at the Annual General Meeting 2018. In 2018 Kinnevik expressed its support for the merger between Tele2 and Com Hem, later the same year Kinnevik also distributed its shares in MTG to its shareholders. In 2018 Kinnevik also increased its investment in Livongo and invested in Kolonial.no, Karma, BudBee, Pleo, Deposit Solutions, Cedar and Monese. Significant holdings Per 30 September 2019, Kinnevik's Net Asset Value amounted to SEK 92.0 billion. The largest holdings are (value corresponds to Kinnevik's ownership in SEK billions): Shareholders Per 30 September 2019, by votes. References Companies