The SIF Group has bought a 23.16% share in Icelandic Freezing Plants Corporation (IFPC) from the bank Islandsbanki Ltd for ISK 2,027,430,709 (EUR 23,446,403). The holding was bought at a price per share of ISK 5.85 ( EUR 0.06765) and the purchaser acquires the right to dividend and votes in accordance with the shareholding.
It was long known that major shareholders in IFPC were interested in selling their holdings in the company. The aim of the purchase is to achieve closer collaboration between the two companies outside Iceland, especially in their production plants for value added products in the USA and Europe, where the companies' capital investment, and its synergic effect, is at a maximum. Last September, when dominant shareholders in SIF increased their share in SIF, they declared that it would be sensible to examine the possibility of closer collaboration between the companies, particularly in the USA and Europe where the greatest expansion potential lay. The board of SIF regards it as vital that Icelandic enterprises should stand together to ensure their competitive position abroad. SIF France, the French subsidiary of SIF Ltd has appointed Roland Wolfrum as its new Finance Director. He will also assist the parent company, SIF Group, in various tasks, especially regarding new business opportunities.
