February 3, 2009 / 8:27 AM / 10 years ago

Norway says will take part in SAS share issue-NTB

OSLO, Feb 3 (Reuters) - Norway’s government, which owns 14,3 percent in Scandinavian airline SAS (SAS.ST), said it plans to contribute about 800 million Norwegian crowns ($114.4 million) to the carrier’s planned rights issue, news agency NTB reported.

“We’ve told the SAS board that we will take part in the rights issue,” Norway’s Trade and Industry Minister Sylvia Brustad was quoted as saying by NTB on Tuesday.

“We’re doing this because it will maintain the foundation for viable jobs in Norway, and a good network of flights in Norway and Scandinavia. This way we can be a part of securing a future for SAS as a Scandinavian airline.”

“SAS must adjust to the reality we’re in, which is that people fly less,” she was quoted as saying. “There will have to be more changes to the organisation in the time to come.” (Reporting by Wojciech Moskwa and Terje Solsvik)

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