By Dominic Chopping

 

The Chinese state has further reduced its stake in Norwegian Air Shuttle ASA after a company controlled by the country sold a block of shares Tuesday.

BOC Aviation Ltd., a company ultimately controlled by the Chinese state, earlier this year converted lease obligations into shares in the airline that at the time represented 12.67% of the company, as part of Norwegian Air's restructuring.

It has been selling down its stake since then and in a filing Tuesday, Norwegian Air said BOC Aviation has sold a further 38.9 million shares. The sale leaves BOC Aviation with 182.1 million shares, representing a 4.92% stake.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

November 24, 2020 10:14 ET (15:14 GMT)

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