New largest shareholder for FlyMe

Norwegian financier Christen Ager-Hansen, through his company Cognititon, is the new largest shareholder in Swedish low-cost airline FlyMe.

The news was revealed by Icelandic former shareholder Palmi Haraldsson, who confirmed that his investment company Fons had sold all its shares in the airline to Cognition.

Haraldsson said disagreement between the major shareholders lay behind the move.

FlyMe has been losing money since it was founded in 2003, and the owners have been forced to pump half a billion kronor into the company. The airline made a loss of 116 million kronor in the first half of 2006.