One of the five largest shareholders in Avance Gas has offloaded some of its shares in the company.
Folketrygdfondet has sold 400,000 shares, reducing its total ownership to 4.2%.
In today’s share price, the transaction would have cost NOK 0.94m ($1.17m).
Shares in Avance Gas were gaining more than 8% earlier this morning, changing hands at NOK 24.50 each.
Folketrygdfondet is a professional investment manager whose main task is to manage the government pension fund of Norway on behalf of the ministry of finance.
According to the company's latest annual report, Folketrygdfondet is still the fourth largest shareholder in the company behind Hemen Holding, Sungas Holding and Stolt-Nielsen Gas.
Avance Gas Holding had a stake of 2.47% as of 31 December 2015.
