Kvika banki hf.: TM tryggingar hf. has sold all its shares in Stoðir hf.

Kvika banki hf.: TM tryggingar hf. has sold all its shares in Stoðir hf.




Kvika banki hf.: TM tryggingar hf. has sold all its shares in Stoðir hf.

TM tryggingar hf. (“TM”), a subsidiary of Kvika banki hf., has sold all its shares in the investment company Stoðir hf. (“Stoðir”). The number of shares amount to ISK 1,569.7 million which equals to 11.6% of the total shares in Stoðir. The shareholding in Stoðir was the single largest investment in TM‘s investment portfolio at the end of first quarter 2021 with book value of approximately ISK 4.3 bn, equivalent to 14% of the total investment portfolio. The consideration is paid in cash only and will have a positive impact on TM‘s net incomeof just over ISK 200 million in the second quarter. The shareholding in Stoðir was sold to a group of investors through a sales process managed by Íslenskir fjárfestar hf. on behalf of TM.