Festi hf.: Termination of Sale Process for Olíudreifing ehf.
In an announcement by Hagar hf., published after market closing today, April 30,2025, it was disclosed that the company had decided to terminate the formal sale process of Olís shares in Olíudreifing ehf. With reference to that announcement, inter alia the conditions for continuing the sale process of Festi shares in Olíudreifing ehf. are no longer in place, and therefore, the formal sale process of the shares is hereby discontinued.
“Even though a sale agreement was not achieved at this stage. the process has sharpened our understanding of Olíudreifing’s position and future potential. The company is in a solid position, supported by strong management and stable operations, and Festi is confident that Olíudreifing is well positioned to seize the opportunities ahead in the energy transition.
We would like to thank those who participated in the sales process, the potential investors, key management of Olíudreifing and our consultants at Islandsbanki for their interest and good cooperation” says Ásta S. Fjeldsted, CEO of Festi.
Olíudreifing is 60% owned by Festi and 40% owned by Olís. The company is an important infrastructure company for fuel storage and distribution in Iceland.
The announcement is publicly disclosed in accordance with Festi hf. 's disclosure obligation pursuant to the Market Abuse Regulation (EU) 596/2014 (MAR) to the EU Regulation on Market Abuse No 596/2014 (MAR), cf. Icelandic Act No 60/2021 on Measures Against Market Abuse. The information relates to the sale process of shares in Olíudreifing ehf., that was considered to contain inside information within the meaning of Article 7 of MAR. This announcement is made public by Magnús Kr. Ingason, the company’s CFO, in accordance with the company 's disclosure obligations according to MAR and Article 2 of the Commission Implementing Regulation (EU) 2016/1055.
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