Icelandic State Financial Investments has submitted a proposal to sell the state´s shares in Arion banki hf. - Fréttir

Icelandic State Financial Investments (ISFI) has submitted a proposal to the Minister of Finance and Economic Affairs to sell 13% of the state´s holdings in Arion Banki hf. to Kaupskil ehf. having received  an exercise notice from Kaupskil ehf. on the 15^th of February to purchase the holdings in the bank in accordance with the shareholders' agreement between Arion Bank hf., Kaupskil ehf. and the Ministry of Finance on behalf of the Government of Iceland, from September 3rd, 2009.

ISFI concludes that Kaupskil ehf. has a clear contractual right to purchase the holdings in accordance with said shareholders´ agreement. The agreement stipulates the method for calculating the purchase price.

ISFI has verified the calculation and has received a confirmation from Grant Thornton that the price matches the proposed one from Kaupskil ehf. i.e. ISK 23.422.585.119. The state´s initial investment in September 2009 was ISK 9.862.068.944.

Please contact Jón Gunnar Jónsson, Director General of ISFI at +354 550 1701 for further information.