- Wednesday, October 16, 2024
Shares in Var Energi, a Norwegian oil-and-gas company, experienced a downturn following the sale of a 6.3% stake worth NOK4.56 billion ($423 million) by major shareholder HitecVision. The stake was sold at 29 Norwegian kroner per share. HitecVision, through its Point Resources Holding company, remains the second largest shareholder with a 14.4% stake in Var Energi.
Var Energi was formed in 2018 as a result of the merger between Point Resources and Italian energy group Eni's Norwegian business. Eni, currently holding a 63% stake, is the largest shareholder in Var Energi. Francesco Gattei, Eni's Chief Financial Officer, emphasized that Eni is committed to maintaining an active and constructive role as a shareholder for the foreseeable future. Gattei stated that there are no plans to sell any shares in Var Energi.
The recent sell-off by HitecVision will enhance liquidity in Var Energi shares. As a result, the free float in the company will increase to approximately 22.6%, up from the previous value of around 16.3%. The increased liquidity is expected to make Var Energi a more attractive investment option for international institutional investors.
Currently, Var Energi shares are trading 5.9% lower at NOK30.10 as of 1017 GMT.
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