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Icelandic treasury sells stake in insurer

TheIcelandic treasury sold its entire 13.93% stake in insurer Sjóvá-Almennartryggingar hf. for total proceeds of 2.81 billion Icelandic kronur, accordingto a Sept. 26 announcement.

's marketsdivision managed the sale on behalf of Lindarhvoll hf., a vehicle createdearlier in 2016 to sell down government stakes. The sale was conducted via aDutch auction process in which all bidders pay the lowest share price accepted.

The price was set at 12.91 kronur per share, with217,655,980 shares sold. The treasury had owned its stake through SAT eignarhaldsfelag hf., which wasSjóvá-Almennar's largest shareholder.

The transactiondate for the auction is Sept. 26, with the payment and delivery date set forSept. 28.

As of Sept. 23, US$1 was equivalent to 114.47Icelandic kronur.