Gullak Madsen increases stake in Føroya Banka while Kaldbakur ehf. divests in Denmark

Gullak Madsen, a former shipowner residing in Hirtshals, Denmark, has acquired additional shares in Føroya Banka. Concurrently, Kaldbakur ehf., a subsidiary of the Icelandic shipping company Samherji, has divested all of its shares in the bank.

In a notice dated October 31, from Føroya Banka to the Copenhagen exchange, it is confirmed that Kaldbakur ehf. has sold its entire stake. On the same day, it was reported that RMV Holding now possesses 486,955 shares, amounting to 5.07 percent of the bank’s total shares. This figure is equivalent to the number of shares previously held by Kaldbakur ehf.

RMV Holding, a small shares company co-owned by Madsen along with the Faroese shipping firm Vard, has been active since July 1, 2009. The director and owner of RMV Holding, Árni Rasmussen, was recently appointed to the board of Føroya Banka following a recommendation from Madsen’s affiliated companies. Ruth Holding, Madsen’s investment company, owns approximately 44 percent of RMV Holding.

Árni Rasmussen also controls another entity called 1. juli 2009, which holds 23.6 percent of the bank shares, while Vard owns 32.5 percent.

According to the registration, Gullak Madsen is listed as the true owner of these entities. Previously, two of his companies maintained substantial stakes in Føroya Banka, with Ruth Holding owning 14.6 percent and GMT Familie Holding ApS holding 10.4 percent. Collectively, Madsen’s three companies now hold nearly 30 percent of the bank’s shares, drawing closer to the government’s stake of 34.8 percent.