made a gain of 19 million kronor (US$2.4 million) from selling its 3.6 percent stake in Frontline Ltd., a Bermuda-based shipping company.

BTL sold 3.5 million shares in Frontline in July and August. Based on an average share price of 33 Norwegian kroner in the period, BTL's stake was worth 115.5 million kroner ($15 million).

In July, Frontline moved its stock listing to Oslo from Stockholm and said it plans to list its shares in New York later this year.

Frontline moved its headquarters to Bermuda from Stockholm earlier this year.

That should save the company 25 million kronor a year in costs.