Landsbankinn announces listing of two companies on the stock market
In keeping with promises on the action plan set forth in February, Landsbankinn intends to list two of its subsidiaries on the stock exchange. The companies in question are Horn fjárfestingarfélag hf. and Reginn ehf.
Listing of Horn fjárfestingarfélag hf. is expected to take place this winter while Reginn ehf. is expected to be listed in Q1 2012.
Preparation for listing is already under way and management of both companies have announced their plans to Nasdaq OMX Nordic Exchange Iceland.
Landsbankinn's aim in listing the two companies is to strengthen the equity market and offer investors the chance to acquire shares in two financially strong companies on an open market.
Reginn ehf. is a subsidiary of Landsbankinn. It was established to manage real estate or holdings in real estate companies that the bank would likely own for a longer period. The establishment of Reginn and the company's activities were part of the extensive measures adopted by Landsbankinn in 2009 to manage the foreseeable financial restructuring of corporates.
Asset portfolio of Reginn ehf.
Reginn owns many key properties in the capital area, including shopping centre Smáralind and sports and entertainment centre Egilshöll. The total value of the asset portfolio upon listing will likely be around ISK 30 billion. Around 90% of all assets in Reginn's portfolio will be rented out upon listing. In addition, Reginn owns several large and exciting development projects. Work to finalise the asset portfolio of Reginn ehf. prior to listing is under way and is expected to come to an end later in 2011. Currently no real estate company is listed on the OMX Nordic Exchange Iceland; however, this is common in other countries.
Horn fjárfestingarfélag hf. is a subsidiary of Landsbankinn. It was established late in 2008 to separate the management of equity investments from Landsbankinn's core activities.
The employees of Horn handle investment and management of the equity portfolio, which is well diversified across listed and unlisted assets. Great emphasis is places on meticulous analysis of the financial markets and equities in Horn's portfolio at each time.
Asset portfolio and investment strategy of Horn fjárfestingarfélag hf.
Horn fjárfestingarfélag hf. is active on both domestic and foreign markets, investing in both listed and unlisted securities. The company's long-term strategy is to develop current investments in co-operation with relevant management and other investors to maximize value. Horn also seeks new investment opportunities in interesting companies, the activities of which are in line with Horn's investment strategy.