SAS Airline asks for billions, but the Norwegian State won’t contribute

SASSAS.Photo: pixabay.com

SAS has requested consent to invest in new aircraft. The state has opened the way for authorisation,but doesn’t wish to participate.

 

SAS has called an extraordinary general meeting to ask private shareholders to consent to raise 1.7 billion in fresh capital.
‘We are pleased that the company wishes to have the flexibility to be able to raise new equity to strengthen its financial position, but we have been clear that the company will be served by other owners than the Norwegian State, and therefore we don’t want to participate,’ said the Minister for Industry, Monica Mæland of Høyre Party (H).

By not participating, the state’s stake in SAS will be reduced from today’s 11.5%.

At the general meeting on November the 3rd, the airline will ask shareholders to consent to raise up to 66 million new shares, reported E24 newspaper.

It will amount to around NOK 1.7 billion, based on Thursday’s closing price on Oslo Børs.

The main reason for the investment share raising is that the company wishes to invest in new aircraft for short and mid-range routes.

© NTB Scanpix / Norway Today

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