Norwegian Air Shuttle : Chinese State Reduces Stake in Norwegian Air to 4.92%

By Dominic Chopping

The Chinese state has further reduced its stake in Norwegian Air Shuttle ASA after a company controlled by the country sold a block of shares Tuesday.

BOC Aviation Ltd., a company ultimately controlled by the Chinese state, earlier this year converted lease obligations into shares in the airline that at the time represented 12.67% of the company, as part of Norwegian Air's restructuring.

It has been selling down its stake since then and in a filing Tuesday, Norwegian Air said BOC Aviation has sold a further 38.9 million shares. The sale leaves BOC Aviation with 182.1 million shares, representing a 4.92% stake.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

11-24-20 1014ET