Latest news with #NorwegianAir
RTÉ News
6 days ago
- Business
- RTÉ News
Norway sells off remaining stake in Norwegian Air
Norway's government today said it had sold its remaining shares in Norwegian Air for 892 million crowns (€77.26m), divesting a stake stemming from the airline's pandemic-era restructuring. The Norwegian state, represented by Norway's ministry of trade, industry and fisheries said in a statement that it had sold its remaining 65.58 million shares, a 6.26% stake, at a price of 13.60 crowns each. The transaction was made at a 3.3% discount to yesterday's closing share price on the Oslo Bourse. "The state has been clear from day one that we do not want to be a long-term player in Norwegian," Trade and Industry Minister Cecilie Myrseth said. The government in May of 2021 issued a convertible loan to the carrier of 1.21 billion crowns as the airline was undergoing reconstruction. The government still holds bonds in Norwegian that are due for repayment later this year and in 2026. Through its transactions, the state has made a profit of more than 500 million Norwegian crowns, the government said.
Reuters
6 days ago
- Business
- Reuters
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 ( 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)
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Norway sells its stake in Norwegian Air for US$88mil
Norway's trade, industry and fisheries ministry said that it had sold its remaining 65.58 million shares in Norwegian Air, a 6.26% stake, at NOK13.60 each. (EPA Images pic) COPENHAGEN : Norway's government said today that it had sold its remaining shares in Norwegian Air for NOK892 million (US$87.80 million), divesting a stake stemming from the airline's pandemic-era restructuring. The Norwegian state, represented by Norway's trade, industry and fisheries ministry, said in a statement that it had sold its remaining 65.58 million shares, a 6.26% stake, at a price of NOK13.60 each. The transaction was made at a 3.3% discount to yesterday's closing share price on the Oslo Bourse. 'The state has been clear from day one that we do not want to be a long-term player in Norwegian,' trade and industry minister Cecilie Myrseth said. The government in May of 2021 issued a convertible loan to the carrier of NOK1.21 billion as the airline was undergoing reconstruction. 'The government still holds bonds in Norwegian that are due for repayment later this year and in 2026. 'Through its transactions, the state has made a profit of more than NOK500 million,' the government said today.
Reuters
12-05-2025
- Business
- Reuters
Norway converts part of loan to stake in Norwegian Air
COPENHAGEN, May 12 (Reuters) - Norway said on Monday Norwegian Air ( opens new tab would pay back half of a convertible loan to the state, and that the remainder of the state's shares in the loan would be converted into shares in the airline. The government said in a statement its stake in the airline would after the conversion total 6.37%. The state's shares in the convertible loan originates from Norwegian Air's reconstruction in 2021.
Reuters
08-05-2025
- Business
- Reuters
Norwegian Air cuts capacity forecast due to delayed Boeing deliveries, shares drop
May 8 (Reuters) - Budget airline Norwegian Air ( opens new tab reported a smaller-than-expected operating loss for the first quarter but cut its annual capacity guidance, sending its shares around 7% lower on Thursday. The Oslo-listed carrier sees an overall capacity of about 37,500 million seat kilometres in 2025, corresponding to growth of 3% from last year. It had forecast growth of 4% when it last reported quarterly results. The lower guidance is due to delayed aircraft deliveries from Boeing (BA.N), opens new tab, it said. Marcus Gavelli, an analyst at Pareto Securities, said in an emailed comment that the guidance cut likely reflected a more cautious approach to ensure yield growth. He added that expectations for slightly higher costs might also weigh on the shares on Thursday. Norwegian Air said its unit cost - the average cost of flying an aircraft seat - excluding fuel in 2025 was expected to increase by a mid-single-digit percentage compared to last year, assuming current foreign exchange rates. In February, it had forecast annual unit cost excluding fuel to increase by a single-digit percentage. The airline did not provide an annual guidance for its operating result. "We're also seeing our competitors being a little bit more reluctant now on guiding too much," CEO Geir Karlsen told Reuters in an interview. Norwegian Air reported an operating loss of 610.9 million Norwegian crowns ($59 million) for the first quarter, while analysts polled by the company were expecting a much bigger loss of 976 million crowns. It also managed to narrow the loss compared to the same period last year, when it reported 762.6 million crowns loss before interest and taxes. The results were positively impacted by efficiency gains and initiatives implemented during the quarter, including the purchase of 10 previously leased Boeing 737-800 aircraft, as well as stronger Norwegian crown against U.S. dollar, it said. ($1 = 10.3475 Norwegian crowns)
