Shareholders of Ljósleiðarinn, a Reykjavík-based fibre network company, have approved a mandate that could lead to significant changes in the company’s ownership structure and governance. The company is currently fully owned by Reykjavík Energy (Orkuveita Reykjavíkur). The development was first reported by Vísir and confirmed by other Icelandic media.
The approved measure grants authority to take actions such as selling the company, bringing in new investors, or listing Ljósleiðarinn on a stock market. However, the shareholders’ decision is not final, it requires confirmation from the owners of Reykjavík Energy: the City of Reykjavík, Akraneskaupstaður, and Borgarbyggð.
If the mandate is confirmed, the chief executive of Reykjavík Energy will be authorized to execute any potential transaction or change in ownership, according to reports. It is not yet known what path will be chosen or whether there are specific investors already in discussions.
Ljósleiðarinn began in 2007 under the name Gagnaveita Reykjavíkur. Reykjavík Energy, its parent company, is a utility provider owned by the City of Reykjavík as well as the nearby municipalities of Akraneskaupstaður and Borgarbyggð.
Background
Reykjavík is Iceland’s capital and largest city, located on the southern shore of Faxaflói bay in the southwest of the country. The municipal government of the City of Reykjavík runs Reykjavík and is one of Reykjavík Energy’s owners.
Sources
- Vísir (first reported) in Icelandic
- mbl.is in Icelandic
- RÚV in Icelandic
- Iceland Monitor (mbl)
- mbl.is in Icelandic
Image: Ray Swi-hymn from Sijhih-Taipei, Taiwan / Wikimedia Commons (CC BY-SA 2.0) · licence, original (resized) Illustrative image.
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