Latest news with #KSK
Yahoo
2 days ago
- Business
- Yahoo
SKEL fjárfestingafélag hf.: Orkan signs share purchase agreement with over 90% of shareholders in Samkaup
Reference is made to the announcement dated 22 May 2025, stating that a share purchase agreement had been signed between Orkan IS ehf. ("Orkan"), as buyer, and Kaupfélag Suðurnesja ("KSK"), as seller, for all shares held by the seller in Samkaup, with a nominal value of ISK 221,386,719, representing 51.3% of Samkaup's share capital. The purchase price for the shares totals ISK 2,878 million, based on a total equity value of Samkaup of ISK 5,610 million, corresponding to ISK 13 per issued share. The announcement stated that the transaction was subject to the following conditions: That the merger of Samkaup and Atlaga ehf., pursuant to the merger agreement dated 20 February 2025, is completed; That binding subscription commitments from investors, or a firm underwriting by an Icelandic bank, for the subscription of new share capital in Orkan (or the new parent company of the group) amounting to at least ISK 2,000 million are in place, which shall be used to strengthen Samkaup's financial position; That Orkan has reached a binding agreement with other shareholders in Samkaup for the purchase of their shares in the company such that the combined ownership of Orkan and other entities affiliated with SKEL will amount to at least 90.01% following the transaction; Approval by the representative council of KSK; Approval by the Icelandic Competition Authority that the transaction does not constitute a merger that must be annulled or made subject to conditions under Article 17 of the Competition Act No. 44/2005. Orkan has now signed share purchase agreements with other shareholders in Samkaup for the acquisition of all their shares in the company, totaling ISK 193,174,944 in nominal value, on the same terms as the transaction with KSK. Upon settlement of these transactions, Orkan will hold approximately 96% of the issued share capital in Samkaup. The representative council of KSK has likewise approved the share purchase agreement between Orkan and KSK. Finally, the boards of Atlaga ehf. and Samkaup have signed all merger documents related to the merger of the two companies. The parties are jointly working to finalize the remaining conditions relating to investor subscription commitments or a bank underwriting in the amount of ISK 2,000 million and to complete the merger notification to the Competition Authority. For further information please contact Ásgeir Helgi Reykfjörð Gylfason, fjarfestar@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
7 days ago
- Sport
- The Hindu
₹ 152.52 crore provided as incentives to 4,617 sportspersons: Govt
The Tamil Nadu government on Friday said nearly ₹ 152.52 crore has been provided as incentives to 4,617 sportspersons who have brought laurels to Tamil Nadu by winning medals in international and national level events, while ₹86 crore have been spent for providing Kalaignar Sports Kits (KSK). The Department has sanctioned ₹ 100 crore to provide KSK to all urban local bodies, the release said Listed the achievements of the Department of Youth Welfare and Sports Development headed by Deputy Chief Minister Udhayanidhi Stalin, an official press release said, the Department has set national and international benchmarks including hosting major global events such as the 44th FIDE Chess Olympiad, WTA Chennai Open, Squash World Cup, Men's Asian Hockey Champions Trophy, Khelo India Youth Games, World Surfing League and India's first Formula-4 night race. Tamil Nadu bagged second place in the 2023 Khelo India Youth Games and ranked sixth in the 38th National Games. Steps are underway for establishing Chief Minister's Mini Stadia in 75 Assembly constituencies, with plans for all the 234 Tamil Nadu Champions Foundation and Mission International Medal Scheme offer crucial support to emerging athletes. These initiatives reflect a transformative sports policy that aims to empower youth, elevate Tamil Nadu to global sporting prominence and make Chennai the sports capital of the Indian subcontinent, the press release added. Ends
Yahoo
22-05-2025
- Business
- Yahoo
SKEL fjárfestingafélag hf.: Orkan signs purchase agreement for shares in Samkaup
Following previous discussions between SKEL fjárfestingafélag hf. ('SKEL') and Samkaup hf. ('Samkaup') regarding a merger of Samkaup with Orkan IS ehf. ('Orkan') and Atlaga ehf. (formerly Heimkaup), further discussions took place with Kaupfélag Suðurnesja svf. ('KSK'), the largest shareholder in Samkaup, about resuming the dialogue under new terms. This past December, the parties reached an agreement on a merger between Atlaga and Samkaup, a transaction that received competition authority approval in April. Today, a purchase agreement was signed between Orkan as the buyer and KSK as the seller for all of the seller's shares in Samkaup, with a nominal value of ISK 221,386,719, representing 51.3% of Samkaup's share capital. The purchase price of the shares is a total of ISK 2,878 million and is based on a valuation of Samkaup's total equity value at ISK 5,610 million, which corresponds to ISK 13 per issued share. The transaction price implies a total enterprise value of ISK 9,606 million for Samkaup, based on its debt position at the end of the first quarter. The purchase price will be paid by delivering new share capital in Orkan. The value of Orkan's shares at the time of the settlement will be ISK 10,669 million, based on the book value of the company in SKEL's financial statements as of last year-end. Orkan also owns around 81% of Lyfjaval, which is recorded at ISK 1,928 million, as well as a share in Samkaup, resulting from the merger of Atlaga ehf. and Samkaup, which is valued at approximately ISK 545 million in this transaction. The agreement provides for the formation of a group structure similar to that of listed retail companies in Iceland. The group will initially operate in the fields of groceries, energy, car wash services, and pharmaceuticals, and these segments will be managed on a consolidated basis. The transaction is subject to the following conditions: Completion of the merger between Samkaup and Atlaga ehf. according to the merger agreement dated 20 February 2025; That binding subscription commitments from investors, or an underwriting by an Icelandic bank, are in place for a subscription to new share capital in Orkan (or the new parent company of the group) amounting to at least ISK 2,000 million, which is to be used to strengthen Samkaup's financial position; That Orkan has reached a binding agreement with other shareholders in Samkaup to purchase their shares such that the total holding of Orkan and other SKEL-related parties will amount to at least 90.01% after the transaction; Approval by the KSK supervisory council; Approval from the Competition Authority that the transaction does not constitute a merger that should be annulled or subjected to conditions pursuant to Article 17 of the Competition Act No. 44/2005. If the transaction materializes, the parties agree to work jointly towards revitalizing Samkaup and enabling it to grow in the consumer market, both through internal and external growth, and aim for a public listing of all shares in the group's parent company on the regulated market in Iceland before the end of 2027. Following the settlement of the transaction and the planned capital increase, SKEL's share in the group's parent company will be approximately 63%, with the estimated value of SKEL's stake amounting to ISK 13,500 million. Other shareholders of Lyfjaval will be offered the opportunity to participate in the transaction on the same terms as the above-mentioned deal, as will all other shareholders of Samkaup once the conditions are met. Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL: 'We are pleased to be one step closer to creating a new force in the Icelandic retail market. This aligns with the objectives we presented in our last financial report regarding the development of Orkan's group structure. Samkaup is a company with a long history and loyal customers across the country. SKEL will focus on streamlining operations, reducing costs, and putting the customer first. These priorities have proven successful in Orkan's operations. Samkaup and Heimkaup (now Atlaga ehf.) have faced challenges in their operations, but through the merger and operational restructuring, a strong market competitor will be formed.' Legal advisor to SKEL is BBA//Fjeldco and financial advisor is the corporate finance division of Fossa fjárfestingarbanki hf. Further information is available from Ásgeir Helgi Reykfjörð Gylfason, CEO, at fjarfestar@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
19-05-2025
- Business
- Mint
JSW Energy's Ebitda growth fueled by debt binge
JSW Energy Ltd's stock gained about 3% to ₹504 on Friday even though its results for the quarter and year-ended March were unimpressive. Reported profit after tax increased 20% year-on-year (y-o-y) to ₹415 crore in Q4FY25, but it was mainly because other income more than doubled to ₹308 crore. Other income included a one-off element of about ₹100 crore related to the write-back of provision for deferred consideration related to Mytrah Energy. Notably, Q4FY25 Ebitda was up a mere 3% to ₹1,204 crore, while the metric for FY25 was down 3% to ₹5,221 crore. So, what explains the Street's positive reaction? This can be attributed to expectations of Ebitda almost doubling in FY26 to ₹10,500 crore, based on Bloomberg consensus estimates. While the estimated Ebitda growth seems aggressive, a deep dive into the new power generation capacities coming on stream shows that it is feasible to achieve most of it. Also read | Mint Primer | Can JSW ruling upset insolvency regime's balance? KSK Mahanadi contributed ₹200 crore to Ebitda in about a month after the completion of the acquisition on 6 March. Thus, KSK, being a thermal power plant, can achieve an annual Ebitda of ₹2,400 crore from its operational capacity of 1,800 MW even though total capacity is 3,600 MW. KSK alone, with numbers from full-year operations, could lead to a nearly 40% jump in the company's total FY26 total Ebitda over FY25. Also, JSW Energy's acquisition of O2Power, a renewable power company, will start reflecting in FY26 financials. About 1.3 GW capacity is operational and is likely to reach 2.3 GW by June-end. Assuming an annual steady state Ebitda of ₹1,500 crore, it should add about ₹1,000 crore to the company's FY26 Ebitda. Note that unit 2 of Utkal with 350 MW capacity has been commissioned with effect from 15 January. This would contribute to full-year Ebitda growth as well, though it is hard to quantify the upside as the plant's power generation is sold on a spot basis and short-term power rates are difficult to predict. Read this | L&T, Afcons, JSW vie for Nicobar project Notwithstanding the strong Ebitda growth prospects in FY26, from their respective peaks in September, JSW Energy's shares have fallen nearly 37% and the BSE Power index is down 22%. The underperformance of the stock is due to rich valuations. Now, there are added concerns about execution risks and possible equity dilution that may be required, given the company's ambitious growth strategy. ICICI Securities Ltd points out even though most of JSW Energy's new assets are value accretive, funding these projects would require equity raising at the holding company or special purpose vehicle level. Note that JSW Energy has once again raised its capacity targets from 20 GW by FY30 to 30 GW by FY30. Also, the target for energy storage projects has been kept at 40GWH by FY30. The growth could be achieved from organic and inorganic routes, depending on the available opportunities. The company estimates capital expenditure of ₹1.3 trillion over a five-year period ending FY30 to reach the desired capacity. Capex needs for FY26 are about ₹15,000-18,000 crore. To be sure, though JSW Energy's operational power generation capacity has increased at a fair clip, it has been achieved through higher leverage. Net debt at FY25-end is ₹44,000 crore. If it does not raise equity, debt is likely to rise in FY26 as capex for the full year is far higher than estimated cash profit (or Ebitda minus interest cost). Even after factoring in the doubling of Ebitda this financial year, the stock is quoting at EV/Ebitda of 11x based on Bloomberg consensus estimate for FY26. And read | Prolonged uncertainty awaits JSW Steel after Supreme Court rejects resolution plan for Bhushan Power
