Friday, March 29, 2024 | Ramadan 18, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Norway abandons right to reduce Telenor stake

1377709
1377709
minus
plus

OSLO: Norway’s centre-right government will give up its right to sell up to 20 per cent of telecoms operator Telenor, the country’s third largest listed company, the Ministry of Trade and Industry said. Parliament authorized a plan in 2015 to allow the government to reduce its 54 per cent stake to 34 per cent. “The authorization has not been utilized and, based on an overall assessment, the government sees no need to extend it,” Minister of Trade and Industry Torbjoern Roe Isaksen said.


“The state’s rationale for its ownership of Telenor is to maintain a leading technological and industrial company with head office functions in Norway. The state’s goal as an owner is the highest possible return over time,” he added. The government argued in 2015 that having permission to cut its stake in Telenor could make it easier for the company to conduct mergers and acquisitions. Telenor is Norway’s third-largest listed firm after oil producer Equinor and bank DNB. It has 183 million customers in nine countries across the Nordics and Asia. — Reuters


SHARE ARTICLE
arrow up
home icon