Samherji increases its stake in Icelandic shipping company

Samherji Holding, a company affiliated with Icelandic seafood company Samherji, has expanded its shareholding in Eimskipafélag Íslands hf. (Eimskip) by 0.29 percent, raising its ownership up to 30.28 percent.

According to a company statement issued by Samherji Holding, it now intends to make an offer to other shareholders in Eimskip for their shares as required by law.

Founded in 1914, Eimskip is the oldest shipping company in Iceland.

Samherji Holding last increased its stake in Eimskip on 10 March by 3.05 percent, taking its control up to 30.11 percent. But it then requested an exemption from a mandatory bid obligation due to the unique circumstances that had arisen due to the spread of COVID-19 and the disruption that the epidemic had for the Icelandic economy at that time.

This exemption was granted by the Financial Supervisory Authority of the Central Bank of Iceland on 31 March. Samherji Holding sold shares in Eimskip on the same day so that the company's shareholding went below 30 percent.

The primary purpose of Samherji Holding's latest share purchase is to honor its mandatory bid obligation towards other shareholders for which an exemption was granted in March, the statement said, adding that the acquisition reflects the faith that Samherji Holding's management has in Eimskip's operations.

“The company's staff around the world have been very united in the extensive restructuring that has taken place recently and deserves praise for the good results that have been achieved. We believe that with such a cohesive group of employees at Eimskip, improved performances will become even more apparent in the coming months,” it said.

Samherji Holding considers Eimskip to be well-suited to remain listed on the stock market, and the management of Samherji Holding hopes to continue its good co-operation with other shareholders in Eimskip, it added. 

Icelandic pensions funds control the majority of the shares in Eimskip, and together hold more than half of the share capital.

For the full-year 2019, Eimskip reported net earnings of EUR 1 million (USD 1.2 million), and annual revenues of EUR 679.6 million (USD 805.5 million).

Photo by Chris Chase/SeafoodSource


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