Business Services Industry
Kaupthing Bank hf sells 24% stake in VIS eignarhaldsfelag hf
Nordic Business Report, May 31, 2006
NORDIC BUSINESS REPORT-31 May 2006-Kaupthing Bank hf sells 24% stake in VIS eignarhaldsfelag hf(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Icelandic financial group Kaupthing Bank hf said on Wednesday (31 May) that it had sold its 24% stake in VIS eignarhaldsfelag hf (Iceland Insurance Company - VIS) to the Icelandic investment company Exista ehf.
Kaupthing Bank is being paid with new share capital in Exista for its holding in VIS, which would temporarily raise its holding in Exista from 19% to 21%.
The board of Exista intends to list the company on the Iceland Stock Exchange (ICEX) next September. Therefore, the board of Kaupthing Bank will propose to a shareholder meeting that some half of the bank's holdings in Exista be paid to the bank's shareholders in the form of an extra dividend payment.
Kaupthing Bank would also sell shares in Exista to institutional investors in connection with the listing in a book-building process.
The sale price of the holdings in VIS totals ISK15.9bn, of which Kaupthing Bank will book ISK7.0bn as profit.
The total value of VIS in the transaction is ISK65.8bn, while the total value of Exista after the acquisition of VIS is some ISK288bn.
One Icelandic krona (ISK) is worth approximately 0.008 British pounds (GBP).
((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- CUSTOMER WIN: BEA China Selects BMC Software to Deliver Business Service Management Platform
- SiBEAM Invigorates CE and PC Industries with Launch of Products and Partnerships to Fuel WirelessHD® Expansion
- Research and Markets: China Chocolate Market Overview 2009-2010: a Guide to Selling Chocolate in China with Full Forecasts to 2010 and Key Statistical Data
- Project Management Institute Global Accreditation Center for Project Management Education Programs Extends Agreement with China National Steering Committee of Professional Education of Masters of Engineering
- Research and Markets: China Sulfur Industry Report Reveals the Market Increased Greatly, Importing 9.72 Million Tons in the First Nine Months Alone in 2009
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- Using object-oriented analysis and design over traditional structured analysis and design
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
