Eimskip has increased its shares in the fisheries company Skagstrendingur by buying all shares from Hofdahreppur, Nafta and Tryggingamidstodin. After the acquisition, Eimskip will hold 83.83% of shares in Skagstrendingur. Price per shares was 7.2 and total purchase price ISK 1,051 million. Eimskip will pay for the shares with its own shares to a nominal amount of ISK 191 million, based on a price of 5.5 per share.

 

Under Act no. 34 of 1998 on the Activities of Stock Exchanges and Regulated OTC Markets, Eimskip’s acquisition of the shares in Skagstrendingur obliges it to make a takeover bid for all the shares in the company. Eimskip will therefore offer to purchase shares from other Skagstrendingur shareholders. Eimskip plans to merge Skagstrendingur with fisheries company Útgerðarfélag Akureyringa (ÚA) to integrate them formally into Eimskip’s fisheries operations. 

 

Last March Eimskip acquired shares in Skagstrendingur and Útgerðarfélag Akureyringa from Búnaðarbanki Íslands and held after the acquisition a 40.7% share in Skagstrendingur and a 55.3% share in ÚA.  Eimskip then made a takeover bid for shares held by other ÚA shareholders. The vast majority of ÚA shareholders decided to accept Eimskip’s offer and Eimskip now owns 97.5% of ÚA. 

 

Eimskip’s operations are now based on three operating units, transport activities, fisheries activities and investment activities. These units will be operated as independent companies within the Eimskip Group with independent management that will form a clear policy within each unit. 

Fisheries are Iceland’s main industry and it is therefore important to have progressive, dynamic and leading companies that can contribute to greater efficiency and overseas expansion of the fisheries sector. This is particularly important for Iceland’s regional economy. The purchase of the Skagstrendingur shares is part of building up and operating a strong fisheries company on an international level within the Eimskip Group.

For further information please contact:

Fridrik Jóhannsson, Senior Director of Burdarás tel: 354 820-7270