Baugur and FL Group CEO now own 50% of FL Group Skip to content

Baugur and FL Group CEO now own 50% of FL Group

The Icelandic National Broadcasting Service, RÚV, reports that after FL Group’s ISK 44 billion equity offering, Baugur now owns 24.6% of FL Group while Hannes Smárason’s holding company Oddaflug, owns 25.1% of the company.

RÚV reports that of the ISK 28 billion subscribed for by FL Group’s largest shareholders, Baugur invested ISK 15 billion, Oddaflug ISK 7.5 billion and an yet to be formed private limited company called Materia Invest owned by Magnús Ármansson, THorsteinn Jónsson, and Kevin Stanford invested ISK 5.5 billion.

According to the business bi-weekly, Vidskiptabladid, FL Group has increased its holding in Íslandsbanki from 3,05% to 6,65%. As payment for participation in the equity offering, FL Group accepted shares in Iceland’s largest listed companies.

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