The Chinese state becomes a major owner of Norwegian

The airline NorwegianThe airline Norwegian. Photo Norway Today Media

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The company BOC Aviation Limited will own 12.67 percent of the shares in the airline Norwegian after the crisis issue. The company is owned by the Chinese state.

BOC Aviation is through a large number of companies owned by the Chinese government, Norwegian reports in a stock exchange announcement.

It is through the conversion of leasing agreements to almost 390 million shares in Norwegian that BOC Aviation acquires 12.67 per cent of the shares in the Norwegian airline. Neither the company nor any of its subsidiaries has owned shares in Norwegian in the past but has had agreements on leasing aircraft.

The transactions are carried out in connection with Norwegian efforts to raise the equity ratio sufficiently to meet the Norwegian government’s requirements to provide loan guarantees of NOK 3 billion. Norwegian announced on Wednesday morning that the requirements had been met.

“BOC Aviation is a company controlled by Sky Splendor Limited, which is again controlled by Bank of China Group Investment Limited, which is again controlled by Bank of China Limited, which is again controlled by Central Huijin Investment Ltd, which is again controlled by China Investment Corporation, which is owned by the People’s Republic of China,” Norwegian elaborates in the stock exchange announcement.

© NTB Scanpix / #Norway Today

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