Norges Bank, the central bank of Norway, has become the largest institutional shareholder in fast fashion giant Boohoo.
The Norwegian firm has almost tripled its stake in the business from 4.2% to 11.7%, according to documents filed with the London Stock Exchange.
The move comes after the bank first acquired a 3.1% holding in the company in December 2021.
Norges Bank is now the largest institutional shareholder in Boohoo, overtaking T. Rowe Price International which has a 11.24% stake.
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Other major investors include Invesco Advisers, Jupiter Asset Management and Franklin Templeton Institutional.
However, Boohoo co-founder Mahmud Kamani is the largest single shareholder with a stake of nearly 12.5%.
Boohoo’s share price has dropped over the last few months from a high of 282p in August 2021 down to 72p as of March 3rd.
The news follows Boohoo’s recent suspension of business operations in Russia.
A statement issued to the London Stock Exchange said: “Boohoo is deeply concerned about the tragic developments in Ukraine.
