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Finnair Oyj Divests Stake in Norwegian Air Shuttle ASA

Monday, 22 Apr 2013 02:19am EDT 

Finnair Oyj announced that it has sold on April 22, 2013 its entire holding of 1,649,862 shares, representing 4.69% of total shares, in Norwegian Air Shuttle ASA (Norwegian). The shares were sold for approximately EUR 53 million, and Finnair's capital gain for the transaction totaled approximately EUR 34 million. It will be recorded as financial income in Finnair's second quarter 2013 accounts. Finnair's holding in Norwegian was included in Finnair's 2012 Financial Statements in other short-term financial assets and it was valued at fair value. The proceeds from the sale will be used for the development of the Finnair and implementation of its growth strategy. The sale of Norwegian shares increases Finnair's shareholders' equity by approximately EUR 16 million compared to December 31, 2012 level. Norwegian shares were transferred to Finnair in 2007 in connection with the sale of Finnair's Swedish subsidiary FlyNordic to Norwegian. The transaction was then implemented as a share-swap. 

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