Oneworld carrier Finnair has raised €53 million ($69.2 million) from the disposal of its entire 4.69% stake in Norwegian Air Shuttle, which it has held since 2007.

Finnair acquired the Norwegian shareholding through a share swap when its Swedish subsidiary FlyNordic was sold to Norwegian. Under this deal, Finnair had the option to increase its stake in Norwegian to 10% until 2008.

However, it has now sold its entire holding of 1,649,862 shares for €53 million, generating a capital gain of about €34 million, which will be posted as financial income in the airline’s 2013 second-quarter results.

“The proceeds from the sale will be used for the development of the Finnair and implementation of its growth strategy,” Finnair said.

When asked why Finnair has decided to sell its shares at this stage, a Finnair spokeswoman told ATW: “We felt that this was the right time for us to sell.”