Hafnarfjörður sells a 15.42% stake in HS Veitur hf.

Town Council
Hafnarfjörður agreed at its meeting today to accept HSV's offer.
ownership of Slhf. in 15.42% of the town's share in HS Veitur for 3.5
billions of kroner. Preparation for the sale of the shares in HS Veitur began with
approved by the town council in April. The share was put out to an open tender process and showed
Numerous investors are interested in the shares. After a six-month detailed sales process
it has been decided to accept the offer from the HSV holding company for the stake. Behind
The company is owned by 14 pension funds (90%) as well as other professional investors.

Hafnarfjörður
has been among the shareholders in HS Veitur since its establishment in 2008. The company
Manage the sale and distribution of hot water, cold water and the distribution of electricity in
In the South-West, at several locations in South-East Iceland and the capital region. In Hafnarfjörður
The company's service is the distribution of electricity. 

„Successful
The sale of just over 15% of the HS Veitur share is welcome news for the people of Hafnarfjörður. Good
The price was received for the share and the proceeds will strengthen the municipal fund of the City of Hafnarfjörður.
significantly to meet income loss and economic hardship due to Covid-19
of the pandemic,“ says Rósa Guðbjartsdóttir, the mayor. „The stake in HS Veitur
has no effect on residents in Hafnarfjörður but the pricing of electricity distribution is
Subject to strict conditions in the electricity act. The buyers are mostly pension funds.
which underpin more than half of the country's pension system. The proceeds of the sale
reduces the City of Hafnarfjörður's need for borrowing and thereby its repayments and interest
the future and at the same time provides an opportunity to move forward with the interests of the town's residents
guiding principle.“