Festi and Olís, a subsidiary of Hagar, have jointly hired Íslandsbanki’s Corporate Finance to advise on strategy and future possibilities regarding the companies' ownership of Olíudreifing ehf., Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. (“EAK”) and EBK ehf. (“EBK”).  

Olíudreifing is 60% owned by Festi and 40% owned by Olís. EAK is 33.3% owned by Festi and 33.3% owned by Olís.  EBK is 25% owned by Festi and 25% owned by Olís. 

The companies are important infrastructure companies for fuel storage and distribution in Iceland. Olíudreifing's main activity is the storage and distribution of fuel throughout Iceland, while the main activity of EAK and EBK is the storage and distribution of aviation fuel at Keflavik Airport.

As part of the project, Festi and Olís will explore the possibilities of changed ownership, if applicable, in cooperation with other shareholders of EAK and EBK. The objective of the strategic examination is to maximize shareholder value and simplify current ownership to ensure favourable future development of their infrastructure.

Further information about the progress of the project will be provided as soon as warranted.

For more information, please contact Ásta S. Fjeldsted, CEO of Festi – asta@festi.is and Magnús Kr. Ingason, CFO of Festi – mki@festi.is.