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ผู้เขียน หัวข้อ: Icelandic Group under new ownership  (อ่าน 2906 ครั้ง)
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Icelandic is known for brands such as Seachill, Pickenpack and Icelandic. (Photo: Icelandic Group/FIS)

Icelandic Group under new ownership

ICELAND
Wednesday, August 25, 2010, 03:50 (GMT + 9)



The owner of seafood firm Icelandic Group was sold to Framtakssjóður Íslands (FSÍ) for ISK 19.5 billion (EUR 119.1 million) on Friday. Icelandic bank NBI hf will attain a 30 per cent holding in FSÍ.

NBI was the seller of Icelandic Group owner Vestia Holdings, which said that despite the new ownership, it will maintain its operation as an independent unit managing its asset portfolio.

Share capital in FSÍ will double from ISK 30 billion (EUR 183.2 million) to ISK 60 billion (EUR 366.4 million).

Following the Icelandic economy’s collapse, Icelandic bank Landsbanki founded the holding company Vestia to own the firms it controls because of restructuring. The largest of these companies is Icelandic; one of the biggest seafood companies in the world.

Vestia has been purchased by the newly established investment fund Framtak, in turn owned by various Icelandic pension funds. Landsbanki is simultaneously investing in the fund.

The Group makes up an international network of independent companies such as Seachill in the UK, Pickenpack in Germany, Icelandic US as well as several other trading and production units Europe and Asia. Each company in the international network runs in its own market area in the fabrication and sale of seafood products.

The new ownership will not affect Icelandic Group’s business activities or daily operations, but it will give strong support to the Group's management in realising the company's full capabilities.

Icelandic Group’s reported first half 2010 revenue is of over EUR 500 million and its EBITDA exceeded EUR 26 million. Landsbanki turned debt of EUR 160 million into equity in November 2008, taking over the company.
 
In the US, UK, France, Denmark and Germany, the Group operates processing facilities for value added products; there are also sales and marketing companies that sell natural seafood products. The US, UK, France, Spain and Japan host the sales and marketing companies.

Icelandic Government-owned NBI as well as FSÍ wish to jointly prop up the restitution of the Icelandic economy. Both see this transaction as contributing to ensure continued support for national companies while they are restructured.

Related articles:

- Icelandic Group reports successful 2009
- Vestia Holdings takes over seafood giant


By Natalia Real
editorial@fis.com
www.fis.com


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