Festi hf.: Decision to start the work for the preparation of the sale of Festi‘s and Olís shares in the infrastructure companies Olíudreifing ehf., Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. and EBK ehf.

As previously stated in Festi‘s announcement, published on the 1^st of December 2023, Festi and Olís, a subsidiary of Hagar, jointly hired Íslandsbanki’s Corporate Finance to advise on strategy and future possibilities regarding the companies' ownership of Olíudreifing ehf., Eldsneytisafgreiðslan á Keflavíkurflugvelli ehf. (“EAK”) and EBK ehf. (“EBK”).  

As a continuation of the strategic examination that has taken place, Festi and Olís have reached an agreement to begin the preparation of the sale procedure of their shares in the companies Olíudreifing, EAK and EBK.

Further information about the progress of the project will be provided when applicable.

Olíudreifing is 60% owned by Festi and 40% owned by Olís. EAK is 33.3% owned by Festi and 33.3% owned by Olís.  EBK is 25% owned by Festi and 25% owned by Olís. 

The companies are important infrastructure companies for fuel storage and distribution in Iceland. Olíudreifing's main activity is the storage and distribution of fuel throughout Iceland, while the main activity of EAK and EBK is the storage and distribution of aviation fuel at Keflavik Airport.