Skeljungur hf.: New market making agreements with Íslandsbanki hf. and Arion banki hf.
Skeljungur hf. has entered into new market making agreements for shares in Skeljungur hf. with Íslandsbanki hf. and Arion banki hf. and they take effect on March 4th 2020. These agreements replace the previous market making agreements concluded between the same parties at the end of 2016. The agreements are in accordance with provision 116 in Act on Securities and Transaction no. 108/2007. However, a market making agreement that Skeljungur had with Landsbankinn hf., which was also from 2016, has been terminated with effect on March 4th, 2020.
The purpose of market making agreements is to facilitate trading in the Company´s shares on Nasdaq Iceland in order to increase the liquidity of the Company´s shares, create market prices and to promote efficiency and transparency of price formation of shares.
Íslandsbanki hf. and Arion Banki hf. are committed to making daily bid and ask offer, as market makers, on Nasdaq Iceland, for shares in Skeljungur hf., each of the market makers for a minimum of 1.000.000 shares in nominal value and the maximum amount of the bank´s total transaction, each day, is ISK 75.000.000.
The maximum bid-ask spread shall not exceed 1,5% and the deviation from the last transaction price shall not exceed 3,0%.
For further information please contact Ólafur Þór Jóhannesson, CFO, .
Skeljungur is an energy company with operations in Iceland and in the Faroe Islands. Skeljungur sells fuel and oil to consumers and businesses in fisheries, agriculture, transportation, aviation and construction under the brands Skeljungur, Orkan, and Magn. Skeljungur is also in the retail market under the brand Kvikk. The company also sells fertilizer and other chemical products and is on the retail market. In Iceland the Company runs 65 gas stations and 4 oil depots. Magn P/F, Skeljungur´s subsidiary in the Faroe Islands, runs 11 retail and gas-stations and 2 oil depots. Magn also serves and sells oils for house heating to individuals and companies in the Faroe Islands. Skeljungur´s goal is to serve the energy needs of consumers and businesses in an efficient and safe way and in harmony with the environment.
