Iceland's FL Group divests holding in Finnair

Airline Industry Information,  April 1, 2008  

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AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD

Icelandic investment group FL Group said on Monday (31 March) that it has divested its 12.69% holding in the Finnish airline group Finnair.

FL Group sold its holding of 16.25m shares for a total of ISK13.6bn, which resulted in a loss of approximately ISK1.7bn.

"The divestment of our remaining stake in Finnair is consistent to the ongoing restructuring of our investment portfolio. After the sale, FL Group holds no shares in listed airline companies. We are focusing on our core investment fields in banking (Glitnir bank), insurance (TM) and property (Landic Property), along with a number of private equity investments," commented Jon Sigurdsson, CEO of FL Group.

FL Group, headquartered in Reykjavik, Iceland, is an international investment company with core investments in banking, insurance and property. The company's total assets amounted to ISK422bn at the end of 2007. FL Group is listed on the OMX Nordic Exchange in Reykjavik.

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