[ad_1]
In a message from the consumer loan bank Komplett Bank, it appears that on Monday Stein Erik Hagens and the Canica Invest family signed an agreement with Christen Sveaas’s Kistefos that Kistefos will buy all the shares that Canica has in the bank for NOK 8.75 per share.
This corresponds to a purchase for a total of NOK 313 million.
Thus, billionaire Christen Sveaas becomes the new main shareholder of Komplett Bank, while billionaire Stein Erik Hagen disappears completely.
Stein Erik Hagen refers to General Manager Nils Kloumann Selte at Canica for comment.
– I have no comment beyond what is indicated in the announcement of the stock exchange, says Selte.
Komplett Bank is up about seven percent on the stock market Monday morning.
Sharp drop in prices
It was in the fall of 2017, about three years ago, that Komplett Bank set out to raise fresh money before its listing. The Hagen family was already the largest owner through their Komplett as. To maintain his ownership interest in approximately one fifth of the company, Hagen subscribed for new shares at a price of NOK 18.50.
In total, Hagens Komplett subscribed for shares worth NOK 85 million.
The first two weeks on the stock market looked promising, but the rest has been a sad chapter. The share price has fallen nearly 60 percent since the first trading day.
So far this year, the share price has fallen 38.70 percent.
The last time Komplett Bank’s share price was as high as what Sveaas now puts on the table for all of Hagen’s shares was in early February. On Friday, the price ended at NOK 7.65, more than a crown below what Sveaas is willing to buy.
Calculated as a percentage, Sveaas pays a “premium” of 14.38 percent against Friday’s closing price.
– Kistefos has extensive experience and good knowledge in the segment in which Komplett Bank operates. We consider Komplett Bank to be a well-managed bank and look forward to helping to improve it further. Beyond that, I have no further comment on your questions, says CEO Bengt Rem at Kistefos.
Kistefos and Sveaas have a long banking career. Sveaas is Instabank’s largest shareholder and owns 60 percent of Advanzia Bank. Previously, it was the largest shareholder in Ya Holding (Ya Bank), which was acquired in 2015 for almost NOK 1.6 billion.
The bank is shrinking
Just under two weeks ago, Komplett Bank presented its third quarter results.
It showed a drop in net interest income from last year. Net interest income was NOK 271 million in the quarter, compared to NOK 282 million in the same period last year.
After-tax profit ended at NOK 73 million, compared to NOK 81 million.
Net loans to clients were NOK 8.34 billion at the end of the third quarter, compared to NOK 8.36 billion a year ago.
Return on equity was 13.9 percent in the third quarter.
Canica is represented on the board of directors of Komplett Bank by Jan Ole Stangeland.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
