Norwegian Air former CEO, chairman cut their stake to under 5%

FILE PHOTO: Bjoern Kjos, CEO of Norwegian Air Shuttle ASA, attends a press conference presenting quarterly report of the company, in Oslo, Norway April 25, 2019. NTB Scanpix/Ole Berg-Rusten via REUTERS

OSLO (Reuters) - The founder and former chairman of Norwegian Air NWC.OL have reduced their shared stake to 4.64% from 9.99% a week ago, Bjoern Kjos and Bjoern Kise said on Tuesday.

Kjos and Kise, who are no longer involved in the management of Norwegian, have gradually cut the stake in the company, which is seeking government aid in a bid to overcome the coronavirus crisis.

Their investment firm HBK Holding now owns 7.58 million shares, down from 16.36 million shares on March 24 and 19.6 million in mid-February.

Norwegian shares were trading at about 9.2 Norwegian crowns on Tuesday, which would value the stake sale at roughly $6.7 million.

Norwegian has grounded most of its aircraft and temporarily laid off 90% of staff due to the coronavirus outbreak, amounting to about 7,300 people.

Norway has launched a rescue package for Norwegian Air subject to a range of conditions.

Reporting by Terje Solsvik, editing by Gwladys Fouche