Canadian company Magma Energy yesterday took its 41 percent stake in Iceland’s HS Orka with a pledge to increase business. Geysir Green Energy, which is majority shareholder in HS on the other hand, has said its plans are to ‘trim the sails’, sell assets and pay off debts.
Magma Energy owned 8.5 percent in HS Orka [...]
Canadian company Magma Energy yesterday took its 41 percent stake in Iceland’s HS Orka with a pledge to increase business. Geysir Green Energy, which is majority shareholder in HS on the other hand, has said its plans are to ‘trim the sails’, sell assets and pay off debts.
Magma Energy owned 8.5 percent in HS Orka before yesterday, when its purchase of a further third in the company was formally completed. The latest shares come from Reykjavik Energy and the City of Hafnarfjordur – a public-to-private (and non-Icelandic) business transaction which has proved highly controversial.
Wasting no time, the company’s new board held its first meeting yesterday. Magma Energy has two board members and Geysir Green Energy three, RUV reports.
Alexander Gudmundsson especially enjoyed yesterday, as he is now not only the Chairman of the Board at HS Orka, but also took over as CFO of Geysir Green Energy from Asgeir Margeirsson. Margeirsson resigned his post over personal concern for the company’s desire to sell assets in order to pay debts.