The Iceland Enterprise Investment Fund (FSÍ) has plans to list just short of 90% of its current asset portfolio in the stock market within the next three years. The companies scheduled for listing are SKÝRR, N1, Icelandic Group and Promens. At the present time, only the Fund’s holdings in Icelandair are listed in the market. The proposed listing is in line with FSÍ’s strategy of participating in the reconstruction of the Icelandic stock market.
These plans were disclosed in a talk given by Finnbogi Jónsson, CEO of the Fund, at a seminar hosted by Deloitte, the Iceland Stock Exchange and the Trade Council on an active stock market in Iceland this morning. The companies scheduled for listing all hold strong positions in their respective markets.
SKÝRR is currently the ninth largest Nordic IT company, with operations in Iceland, Norway and Sweden. The projected turnover of the company for the current year is approximately ISK 24 billion; the company employs a staff of 1100 employees, 600 of whom are based in Iceland.
Icelandic Group is a leading international fisheries enterprise. At the end of 2011, following divestment of the company’s assets and related operations in the U.S., Icelandic Group will have operations in Iceland, Europe and Asia, with an estimated total turnover of just over ISK 80 billion and a staff of approximately 1200.
N1 is a leading company in the Icelandic fuel market, with a share of 35-40%. The company’s turnover in 2010 was approximately ISK 46 billion, with about half of the sales accounted for by goods other than fuel. The company employs some 650 people. The company recently completed its financial restructuring and is once again operating on a strong foundation.
Promens is a leading global plastics manufacturer, with 47 plants in Europe, North America, Asia and Africa. The company’s key plants are located in Dalvík (Iceland), the United Kingdom, the Netherlands and Poland. Revenues amounted to EUR 560 million last year, and EBITDA stood at approximately EUR 50 million. The company employs approximately 4,200 people.