Finnair, the official air carrier of Finland, has sold off its 4.7% shareholdings in Norwegian Air Shuttle in the amount of Eur53 million. This move is designed to concentrate the airline's resources to expand the profits of its long haul routes.
According to an announcement from Finnair, it would be receiving a capital gain of Eur34 million when the deal is completed by the second quarter of 2013.
The sale is in line with the airline's plan to cut down costs and raise money to be able to purchase new aircraft for the plan to expand long haul flights to Asia.
In another move, it hired Cargotec executive Pekka Vauramo as its new CEO in order to complete the restructuring plan that his predecessor Mika Vehvilainen started.
The shares of the low cost carrier from Norway were transferred to Finnair through a share swap. This was part of the deal that transferred FlyNordic to Norwegian.
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