ATW Daily News

Norwegian to raise around $45 million through share issue

Monday November 9, 2009

Norwegian will issue up to 1.62 million new shares, corresponding to some 5% of the outstanding total, in a capital raising expected to generate NOK250-NOK260 million ($43.9-$45.7 million) based on Friday's closing price. "We see new opportunities ahead. This combined with Norwegian's positive development makes the timing good for strengthening the company's financial position and flexibility even further," CEO Bjorn Kjos said. HBK Invest AS, a company controlled by Kjos and DY Chairman Bjorn Kise, will reduce its holding in the airline from approximately 32% to around 29%. "Norwegian has reached a size where I find it natural to open up for new investors, both Norwegian and international ones. The goal is to build a strong and committed investor base for further expansion. In addition, more available shares will make the share more attractive," Kjos said.

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