Hagar hf. - Public offering and stock market listing in December

The board of directors of Hagar hf. has requested that the company's shares be admitted for trading on the main market of Nasdaq OMX Iceland. The aim is to begin trading on the stock market in December following a public offering. Arion Bank's Corporate Advisory division is managing the offering and the stock market listing.

Eignabjarg, a subsidiary of Arion Bank, intends to sell a 20-30% share in retailer Hagar hf. in a public offering. The offering will be aimed at professional and general investors. The minimum subscription will be ISK 100,000 and the maximum will be ISK 500 million. The offering is scheduled to take place between 5 and 8 December. Offers will be invited in pre-determined price range which, along with further details of the offering, will be announced when the share prospectus is published, which is scheduled for the end of November.

The aims of the offering are to diversify the ownership of Hagar hf. by offering shares to the public and professional investors and also for the seller to obtain a satisfactory price for its share in Hagar.

About Hagar: Hagar is a leading company on the Icelandic retail market. Its main focus is the food retail sector and it operates two of Iceland's largest supermarkets, Bónus and Hagkaup, as well as purchasing and distribution businesses. Hagar also runs a specialty division within Hagkaup and several specialist retailers selling well-known lifestyle and fashion brands. Hagar operates 61 stores and four warehouses and employs 2,000 people.