Norway is selling its close to 10% remaining share in SAS. Source: SAS.

The Norwegian Ministry of Trade, Industry and Fisheries has announced it is selling its remaining stake in Scandinavian flag carrier SAS.

Norway’s current stake of approximately 9.88% means up to 37,800,000 ordinary shares in SAS will be available to the market following the divestment of previous shares in SAS, which is also co-owned by the Swedish and Danish governments.

A statement read: “The Norwegian state’s ownership in SAS has been purely commercial. Consequently, it is not expected that the company will be making strategic or operational changes following the transaction.”

The transaction itself is structured as an accelerated bookbuilding to institutional investors, with the minimum order and allocation set to the number of shares equalling an aggregate purchase price of €100,000 (equivalent).

The process has begun immediately, pricing and settlement of the shares will be in Swedish Kronas (SEK) with the shares expected to be noted on the book of the Swedish Euroclear system on or around 29 June.

As of 31 December 2017, Sweden holds a 14.8% voting share in SAS and Denmark 14.2%.

Sweden and Norway had previously indicated their intentions to sell off their respective shares in SAS, but Norway’s move confirms it will no longer be involved in a long-term collaborative ownership deal.