The chief executive of Norwegian Air has denied that he lacks confidence in his airline after it emerged that he had sold his rights to new shares to undisclosed third parties on the cheap.
The manoeuvre by Bjorn Kjos, the 72-year-old founder of the low-fares carrier, sent shares in Norwegian to a seven-year low, at one point dropping by nearly 10 per cent and closing down 4.3 per cent at NKr93.67, valuing the company’s stock at about NKr4.2 billion, or about £377 million.
Norwegian is the world’s fifth largest low-cost airline, flying 500 routes across Europe and long-haul to countries including the United States. It was founded in 2002 and employs 11,000 people. It has been shaking up the industry, offering fares of £150 one-way