Magma Energy Sweden AB Sells Part of HS Oraka

Magma Energy Sweden AB announced that they will be selling 25%  of the Icelandic geothermal power company HS Orka to a group of Icelandic pension funds for ISK 8.06 billion (approximately €48.8 million).  The selling price was roughly equivalent to the original cost of acquisition. The Icelandic pension funds also have the option to purchase additional shares until February 10, 2012. If the decide to pursue that option, it would increase their stake in HS Orka to 33.4%. The Icelandic Pension funds also have the right to appoint new board members and participate in any major decision making at HS Orka.