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

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

About Us

SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.

Subscribe