Proceeds from the sale of shares used to pay down debt
The Hafnarfjörður Town Council approved at its meeting today a proposal from the HS Veitur shareholders' meeting to purchase its own shares from shareholders in accordance with the resolution of the shareholders' meeting of 19 January 2015.
“The Hafnarfjörður Town Council unanimously agreed at its meeting today to use the proceeds from the sale of shares in HS Veitur to pay down the town's debt, which is in line with the council's focus on strengthening the town's financial position,“ says Mayor Haraldur L. Haraldsson.
The Hafnarfjörður Town Council approved at its meeting today a proposal from the HS Veitur shareholders' meeting to purchase its own shares from shareholders in accordance with the resolution of the shareholders' meeting of 19 January 2015.
At a town council meeting, it was agreed to use the sum, of around 300 million krónur, to pay down the principal of the council's long-term loans.
The finance manager and the mayor were also tasked with examining how this sum could be best utilised in light of the interest costs and prepayment charges, which vary across the council's loan commitments, and making a recommendation to the council's executive committee on how to deploy the funds.