Skeljungur hf.: Further segregation of operating units, new points of focus in business operations and impending shareholders’ meeting
09 Septiembre 2021 - 6:10AM
Skeljungur hf.: Further segregation of operating units, new points
of focus in business operations and impending shareholders’ meeting
Further segregation of business operations and
establishment of subsidiaries
Following the decision made by the board of directors of
Skeljungur hf. to enter into exclusive negotiations with a group of
buyers regarding P/F Magn, and in accordance with an announcement
of last 11 August regarding the decision to place part of
Skeljungur hf. real estate in formal divestment process, the board
of directors of the Company has now decided to further sharpen the
points of focus of the Company’s business activities by
establishing two new and independent subsidiaries. The proposed new
subsidiaries are the following:
- A company for retail services: The work of
this company will focus on services to individuals, including the
operation of Orkan’s service stations, Extra, 10-11, the Löður car
wash stations, and the Lyfsalinn and Lyfjaval pharmacies, the
operation of Gló as well as various real estate related to the
above operations. The company will also hold the shares in Brauð
& Co ehf. and Wedo ehf. (Heimkaup).
- A company for corporate services: This company
will engage primarily in sales of goods and services to
corporations, distribution and procurement of fuel, lubrication
oils, cleaning and chemical products, fertiliser and the provision
of other goods and services to corporations. Sales of goods and
services to large-scale customers in flight operations, fisheries
and contracting will form a part of these operations as well as
various real estate related to the above operations. Also, the
company will hold the shares in Íslenska vetnisfélagið ehf., EAK
ehf., Barkur ehf. and related companies.
An announcement has been made earlier of the establishment of a
company around the operation and lease of depots owned by
Skeljungur.
Skeljungur hf. will be the parent company of the above operating
companies; its tasks will increasingly revolve around the
management of shares held in operating companies, and other
investments, as applicable. The plan is for Skeljungur hf. to
remain a listed company.
Impending shareholders' meeting
In light of the above changes, and other changes that have been
announced to the market, the board of directors of Skeljungur hf.
will call a meeting of the Company's shareholders with the
following matters included in the agenda of the meeting, in
addition to other business that requires the attention of
shareholders in the opinion of the board of directors:
- Authorisation to sell Skeljungur hf.’s subsidiary, P/F
Magn;
- Authorisation to segregate operations and establish
subsidiaries, according to the above;
- Proposal for amendment of the objects clause of the Company’s
articles of association to place greater emphasis on the management
of holdings in operating companies and investment activities;
- Authorisation to proceed with repurchases of own shares in the
Company by means of an offer to shareholders.
The board of directors will provide greater details of its
decisions and proposals in the notice of the shareholders' meeting
and an explanation will be provided with each proposal.
Árni Pétur Jónsson, CEO:
“In line with the company´s points of emphasis and strategic
work, various significant changes in the company´s operations have
taken place lately, e.g., the formation of a retail division,
purchase of Dælan and Löður, exclusive negotiations on the sale of
P/F Magn, plans for the sale of part of real estate owned by
Skeljungur and an increased participation in the operation of
pharmacies, as Skeljungur will own a majority stake in Lyfsalinn.
These changes are the result of work in formulating the company´s
new strategy and take advantage of opportunities in the market. We
consider the establishment of these subsidiaries to be an important
part of sharpening the emphasis on the opportunities that the
company has access to.”
For further information, please contact Árni Pétur Jónsson, CEO,
fjarfestar@skeljungur.is
www.skeljungur.is
https://www.linkedin.com/company/skeljungur-hf/
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