Vestia prepares divestment of three companies in its assets portfolio
Vestia's Board of Directors have decided to divest of its holdings in three companies via a formal sales process in the near future, reports http://www.megafishnet.com/ with reference to Landsbankinn.
The three companies are health care logistics company Parlogis hf., plastic packaging company Plastprent hf., and Danish shrimp processor Cimbric Fiskekonserves A/S (more detail on each company can be found below). When divesting of assets, Vestia will in general utilise an open tender process, in accordance with laws and regulations, thus safeguarding transparency and equality among all bidders.
The sales process will be available to all interested parties who fall within the definition of an institutional investor according to regulation no. 108/2007 on securities trading. According to its Rules of Procedure, Vestia may set appropriate terms and conditions which shall govern the process, including conditions with regard to financial strength and other relevant aspects of potential bidders. A detailed description of each sales process will be introduced at a later stage.
About Parlogis hf:
Parlogis specialises in logistical services to health care institutions, pharmaceuticals and health-related private labels. Services include inventory management, purchasing, importing, customs clearing, storage, reception of orders, domestic deliveries, invoice issuance and payment collection. Parlogis has 55 employees.
Parlogis originated in the merger of the logistics services of Lyfjaverslun Islands and Thorarensen Lyf under the brand name Lyfjadreifing ehf. Lyfjadreifing became an independent subsidiary of Atorka Group in 2004 and in 2005, the company's name was changed to Parlogis hf. In 2007, DM ehf. purchased Atorka's entire holding in Parlogis.
Parlogis hf. is 100% owned by Vestia Holding ehf., subsidiary of Icelandic bank NBI hf.
About Plastprent hf:
Plastprent hf. is a leading domestic producer of plastic packaging and polypropylene film for the food industry, fisheries, agriculture, retail and large corporations. The company also sells related merchandise for supply and resale. In its Icelandic operations, the company has around 90 employees.
The company is also involved in operations in the UK, Faroe Islands and Lithuania through its subsidiaries Gerove, Fispak, Virenda and Plastprent Foroeyare. Its employees overseas number around 120.
Plastprent hf. is 72% owned by Vestia Holding ehf., subsidiary of Icelandic bank NBI hf.
About Cimbrik Fiskekonserves A/S:
Cimbric Fiskekonserves A/S was founded in 1964 and is a well established Danish shrimp processor. Cimbric's main operations involve packaging shrimp and other shellfish for retail, food services and other users. The company is based in Vogn, Jutland and also operates in Frederikshavn. Cimbric is mainly active in its domestic market but also exports to Italy and Germany.
Cimbric Fiskekonserves A/S is 65% owned by Vestia Holding ehf., subsidiary of Icelandic bank NBI hf., following the bank's takeover of ADB Holding Vogn A/S shares. Larsen Danish Seafood A/S owns the 35% share. Cimbric has 38 employees.