Norway sells its stake in Norwegian Air for $87.8 million

COPENHAGEN (Reuters) -Norway's government said on Wednesday that it had sold its remaining shares in Norwegian Air for 892 million crowns ($87.80 million), 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 Tuesday'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 on Wednesday.

($1 = 10.1600 Norwegian crowns)

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)