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 1 st 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