NONG -Estimation of value of shareholding bring about income NOK 189 mill entered as 1st quarter income
SNN Invest, a subsiduary of SpareBank 1 Nord-Norges, has an ownership of 46.7 % in the oil company Front Exploration AS (FrontX). FrontX is executing a private placement directed towards the new owner DONG Energy Power A/S. In this connection, an estimation of value of FrontX has been made. This implies that NOK 189 mill will be entered as unrealised income in the 1st quarter result of SNN Invest (and SpareBank 1 Nord-Norge Group).
Contact person at SpareBank 1 Nord-Norge:
Dept. CEO Oddmund Åsen; mob +47 906 72757
Legal officer Petter Høiseth; mob +47 41 50 50 35