Wilh. Wilhelmsen ASA said it has reduced its stake in Glovis, a logistics company based in Korea, from 20 percent to 15 percent of the company''s common shares.

The sale will generate gains of about $40 million, to be recorded in the second quarter.

"Sale of the shares was made to strengthen its liquidity and to take advantage of the favorable trading price of the shares," Wilh. Wilhelmsen said. "Future prospects for Glovis are strong and the company continues to be an important part of WW''s business activities in Korea and other markets."