Landsbankinn hf. has completed the sale of 9.9% of its shares in The Iceland Enterprise Investment Fund (FSÍ slhf.) and all its 27.6% share in IEI slhf. At the end of 2013 FSÍ was divided into FSÍ slhf. and IEI slhf. The total value of the transaction amounts to just over ISK 7 billion and the buyers are amongst the current shareholders of these two companies, who had the right to bid for the shares in accordance with an agreement to that effect.
Prior to the transaction, Landsbankinn was the largest shareholder of both FSI and IEI with 27.6% ownership in each company. The bank is now the second largest shareholder in FSI with its remaining 17.7% share, but holds no longer any sharers in IEI.
Landsbankinn will record a profit of around ISK 4.9 billion in the second quarter as a result of both the sale and the fair value change of the bank‘s remaining stake in FSÍ.
Landsbankinn‘s Corporate Finance managed the sale on behalf of Landsbankinn hf.
Steinþór Pálsson CEO of Landsbankinn says:
„It remains the strategy of Landsbankinn to divest its shares in companies in unrelated activities and the bank has been successful at that over the last few years. Landsbankinn sold its subsidiary Vestia to FSI in 2010 and acquired as a part of that sale a 27.6% share in FSI. This decision has turned out to be very positive for the bank and FSI has played a significant part in rebuilding the Icelandic economy. The sale will strengthen Landsbankinn’s position both in the short and the long term.”
Further information:
Kristján Kristjánsson – pr@landsbankinn.is, 410 4011 & 899 9352
