The Board of
Directors of Hf. Eimskipafélag Íslands has approved to
Íslands and its subsidiary
Eimskipafélag Íslands ehf. The subsidiary
will merge into the parent company that will
take over all duties and liabilities of the subsidiary.
The merger will
be finalised within two months
effective from 1 November 2006. As the subsidiary is 100% owned by the
parent company this will have no effects
on the consolidated
financial statements. The objective with
the merger is to simplify the
operation and increase efficiency.