Shipping Shares and the Oslo Stock Exchange

by Susanne Munch Thore of Wikborg, Rein & Co., Olso

Listing of Shares on the Oslo Stock Exchange
On the Oslo Stock Exchange, about 125 classes of shares are listed on the Main List, and about 35 are listed on the SMSB (small- and medium-sized businesses) list. The Oslo Stock Exchange also lists ten classes of primary capital certificates that are issued by savings banks.

According to statistics released last year, trade in Norwegian securities which are listed both in and outside of Norway have predominantly returned to Norway. In last year’s first quarter, trade on SEAQ in Norwegian shares listed in both Oslo and London was 69% of the value of trade in the same shares in Oslo.

Foreign ownership in Norwegian stock-listed companies is, on average, somewhat greater than 30%. This figure is high when compared to foreign ownership of European companies in general. The trend of a high proportion of foreign ownership of Norwegian companies has not changed subsequent to Norway’s rejection of EU membership. As a result of Norway’s adherence to and implementation of the European Economic Area Treaty, legislation pertaining to foreign investment has been liberalized since January 1, 1994. Further liberalizations are currently underway. Approximately 20% of the 45-50 shipping companies listed on the Oslo Stock Exchange are not incorporated in Norway.

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