Acquisition of the Iceland Prime Contractor
25 April 2003
Press Release
By a notice published in the Iceland Stock Exchange on 6 March, the Executive Committee on Privatisation called for offers for the 39.86% share of the State in Iceland Prime Contractor. The notice specified the terms of the sale as well as the criteria which would decide the selection of bidders for further negotiation on the acquisition of the stake.
The deadline for submitting final offers expired on 21 March, with offers submitted by the following parties:
- The Iceland Drilling Company Ltd. (Jardboranir hf.)
- JB Construction Company ehf. and Snorri Hjaltason Woodworks ehf.
- Joco ehf.
- AV Holding ehf. The group making the offer includes managers and a number of employees from Iceland Prime Contractor Ltd.
The decision was made to seek the services of VBS Securities hf. in assessing the offers based on the criteria cited in the terms of the sale. The conclusion of VBS Securities hf. was that, based on these criteria, discussions should first be held with AV Holding ehf. on the basis of their offer. This conclusion was discussed in the Executive Committee on Privatisation and submitted to the Ministerial Committee on Privatisation, which confirmed the conclusion.
Results of the discussions are anticipated within two weeks.
Reykjavík, 25 April 2003
The Executive Committee on Privatisation