Norway exploring sale of remaining stake in Norwegian Air
COPENHAGEN, June 3 (Reuters) - The Norwegian government has begun exploring the sale of its remaining 6.26% stake in Norwegian Air (NAS.OL), opens new tab, the airline said on Tuesday.
The airline said in a statement that the ministry of trade, industry and fisheries was contemplating selling up to 65,582,436 shares in the company, equal to a stake of about 6.26%.
"If the demand and price in the offering is satisfactory, the seller may thus sell its entire shareholding in the company," Norwegian Air said.
The price in the offering will be set through an accelerated bookbuilding process and will be in Norwegian crowns, the company added.
Shares in Norwegian Air closed at 14.06 crowns on the Oslo stock exchange on Tuesday, prior to the announcement. At that price, the government's stake would be worth around 922 million Norwegian crowns ($91 million).
Norway's government said last month it was converting half of a rescue loan to Norwegian Air during the pandemic into a 6.37% stake in the company.
The government said at the time that any divestiture of its remaining participation in the airline would be considered based on developments in the market and the company.
($1 = 10.1283 Norwegian crowns)
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