Mammut parent company Conzzeta AG of Zurich, Switzerland will spin off its non-operating real estate assets to a new public company following shareholder approval of the plan at its annual shareholder meeting Monday, June 22.

Conzzeta shareholders approved the company's plans to spin off those assets to a newly formed company, Plaza AG, which is expected to list its shares on the SIX Swiss Exchange June 26. About 90 percent of Plaza AG's income is derived from residential and commercial property in the Greater Zurich area. It also owns land in the Lausanne areas, that it plans to develop. 

Shareholders also approved a 4 for 1 stock split in which holders will receive four shares on Conzetta stock for every one share they own.

Mammut will remain part of Conzzeta AG, which also has holdings in machinery, foam materials, graphic coatings, systems engineering and real estate.