By Dominic Chopping

Shares in Norwegian oil-and-gas company Var Energi fell Friday after a major shareholder sold a 6.3% stake in the company for NOK4.56 billion ($423 million).

Energy industry investor HitecVision is the second largest shareholder in Var Energi through its Point Resources Holding company and it sold its stake at 29 Norwegian kroner a share.

Following the sale it will retain 14.4% of the company.

Var Energi was established in 2018 through the merger of Point Resources and Italian energy group Eni's Norwegian business. Eni is the largest shareholder with a 63% stake and Francesco Gattei, Eni's Chief Financial Officer, said that Eni won't be selling down its stake any time soon.

"Eni intends to continue as an active and constructive shareholder in Var for many years, and has no plans in the foreseeable future to sell any shares in Var," he said in a statement. "HitecVision's sell down will increase liquidity in the Var share and makes Var more attractive for international institutional investors."

Following the share sale, the free float in the company will increase to around 22.6% from around 16.3%.

At 1017 GMT Var Energi shares trade 5.9% lower at NOK30.10.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 22, 2023 06:35 ET (10:35 GMT)

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