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SR-mjl and Sildarvinnslan to merge dating from 1 January 2003   18.12.2002 09:06:43
News categories: Corporate news      slenska  English

The boards of directors of SR-mjl hf. and Sildarvinnslan hf. will propose a merger of the companies to shareholders, dating from 1 January 2003. The boards of the two companies signed an agreement to this effect at a meeting held earlier today.


According to the agreement, shareholders of SR-mjl will receive 40% of the stock of the merged company and 60% will be owned by Sildarvinnslan shareholders. This division ratio is based on detailed calculations of the capitalisation of earnings of the companies.

The merger is expected to be carried out by increasing the stock of Sildarvinnslan and providing shareholders in SR-mjl with Sildarvinnslan shares in return for their stock in SR-mjl.

The boards of directors of the companies will now undertake a closer examination of specific aspects of the merger. It is expected that this work and the preparation of a merger plan will be completed by mid-January 2003.



News release from SR-mjl hf. and Sildarvinnslan hf.

Tuesday 17 December 2002.


For further information, please contact:

Kristinn V. Jhannsson, chairman of the board of directors of Sildarvinnslan hf., tel: 896 9989


Finnbogi Jnsson, chairman of the board of directors of SR-mjl hf.,tel: 897 5767