SKEL Portfolio Update
Listed companies
KALDALÓN (15.37%) 2,464 m. ISK
Vís (9.25%) 2,747 m. ISK
vis
SKEL
SKEL has played a strategic role in the developement of Kaldalón as
the fourth Icelandic real estate company on the market. We believe
that company's focus on simple operation, simple portfolio and
minimal infrastructure will be successful in the long term.
Kaldalón recently completed the phase of issuing a bond framework
for debt instruments. This is a big milestone for the company so it can
later aquire market financing. Kaldalón's CEO announced recently that
the management's plan and goals to list the company on the main
market will be ready this quarter and preperation will begin as soon as
goals are met.
SKEL's position in Kaldalón has increased since the beginning of the
year by ISK 300 m. in nominal value and has decreased in market
value by ISK 302 m. since 31.12.2022.
SKEL is interested in participating in the journey that the board of directors
have started to change a well-established insurance company to a growing
company in the financial market. Although larger havoc and rising interest
rates affect the company's performance, we are pleased that in a short
time asset management and fund operations have been set up at SIV, a
merger with Fossa investment bank hf. was approved with the decisive
support of shareholders and the company has announced that there has
been a turnaround in sales after 6 years of continuous decline.
We believe that the original reasons for the investment are still there. The
company is in an ideal position to grow beyond the market as the brand is
strong, the number of customers is significant, the company's finances are
strong and there has been significant investment in the company's
infrastructure in recent years. The company's managers have also
managed to attract powerful managers to the company in recent months.
SKEL's position in VÍS is unchanged from the beginning of the year, ISK 157
m. in nominal value and has increased in market value by ISK 111 m. since
31.12.2022.View entire presentation