Further sell down of the state's holdings in Íslandsbanki
The Parliament of Iceland passed a law on June 23rd on the commencement of a sales process for the state's holdings in Íslandsbanki hf. The law stipulates that the state's share in the bank will be sold in one or more offering. This sales process will follow the general principles outlined in the state assets sales procedures: transparency, objectivity, equality and efficiency. The law specifies two bid books in each offering, as well as rules regarding pricing and allocation. Individual bids will be prioritized for allocation.
The law provides for one or more offerings. The state now holds 42.5% of Íslandsbanki's shares and it is expected that approx. half will be sold this year and the remaining part next year, as market conditions allow.
Preparation for offerings are already underway. The Central Public Procurement (CPP) has advertised on behalf of the Ministry of Finance and Economic affairs (MOF) for one or more Global coordinators in connection with this sales process, both in the domestic and/or global markets. The Global coordinator's role is to plan and supervise the offering, as well as to manage the offer books.
Interested parties can seek further information on the CPP's website utbodsvefur.is and send an expression of interest before July 9th 2024.
A press release from 24th of May informed of the appointment of Arctica Finance hf. as a financial advisor to the MOF in connection to the offerings of Íslandsbanki's shares. Other project developments at Arctica Finance has caused the company to request the state release it from this project, which the MOF has agreed to. The appointment of a new consultant will be announced at a later date.