Iceland-based Tryggingamiðstöðin hf. intends to offer an additional 93,750,000 of its shares, equivalent to 13.8% of its existing share capital, at a purchase price of 32 kronur per share.

The offering will consist of a priority rights offering for Tryggingamidstodin's shareholders of record as of Dec. 12, followed by a general offering for investors in Iceland if any new shares remain unallocated after the priority rights offering. Results of the offering are expected to be published Dec. 13, with the offering completed Dec. 17 and the new shares made available for trading from Dec. 18.

The company expects proceeds of 3 billion kronur from the offering, which it intends to use to finance its acquisition of a 100% stake in Lykill fjármögnun hf.

Arion Banki hf is the supervisor and seller for the offering.

As of Dec. 4, US$1 is equivalent to 121.56 Icelandic kronur.