Festi hf.: Festi and Olís start strategic examination of their future ownership of infrastructure companies Olíudreifing ehf., Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. and EBK ehf.
December 01 2023 - 3:00AM
Festi hf.: Festi and Olís start strategic examination of their
future ownership of infrastructure companies Olíudreifing ehf.,
Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. and EBK ehf.
Festi and Olís, a subsidiary of Hagar, have jointly hired
Íslandsbanki’s Corporate Finance to advise on strategy and future
possibilities regarding the companies' ownership of Olíudreifing
ehf., Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. (“EAK”) and
EBK ehf. (“EBK”).
Olíudreifing is 60% owned by Festi and 40% owned by Olís. EAK is
33.3% owned by Festi and 33.3% owned by Olís. EBK is 25%
owned by Festi and 25% owned by Olís.
The companies are important infrastructure companies for fuel
storage and distribution in Iceland. Olíudreifing's main activity
is the storage and distribution of fuel throughout Iceland, while
the main activity of EAK and EBK is the storage and distribution of
aviation fuel at Keflavik Airport.
As part of the project, Festi and Olís will explore the
possibilities of changed ownership, if applicable, in cooperation
with other shareholders of EAK and EBK. The objective of the
strategic examination is to maximize shareholder value and simplify
current ownership to ensure favourable future development of their
infrastructure.
Further information about the progress of the project will
be provided as soon as warranted.
For more information, please contact Ásta S. Fjeldsted, CEO of
Festi – asta@festi.is and Magnús Kr. Ingason, CFO of Festi –
mki@festi.is.
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