Bjørn Kjos cuts shareholding in company by around 2%
Norwegian’s share price plunged more than 7% yesterday when Bjørn Kjos, the airline’s chief executive, sold around 2% of his shareholding in the company.
Kjos sold exactly 703,243 shares in Norwegian Air Shuttle on the Oslo bourse. However, he remains the biggest investor with a 25% stake via his investment firm HBK Invest.
“We must assume he thinks the price has risen so much this year that this is an attractive time to sell,” DNB Markets analyst Haakon Aschehoug said. “I don’t think it’s because he no longer believes in the company. Shareholders view this as a negative signal [but] at the same time I think everybody understands why he takes some money out.”
[pictured: Norwegian CEO Bjørn Kjos; photo courtesy Norwegian]