Oslo-listed shipping conglomerate Wilh Wilhelmsen Holding has kick-started what could be a huge share buyback drive.

The vessel management and investment group said it has tendered to repurchase up to 440,000 shares.

This will be split evenly between A and B series.

The A shares were trading at NOK 362 each in Oslo on Tuesday, up 13% since the last close, and the non-voting B stock at NOK 350, up 11%.