By November 2004, the largest owners of Ofotbanen were Cargo Nor (26.1%), the Municipality of Narvik (12.5%), Narvik Port (12.5%) and Moe Media (8.5%). In addition, employees had bought shares for more than NOK 1 million. During a general meeting on 13 December 2004, a capital placement was initiated for NOK 5.2 million. An anonymous, British consortium named GB Group bought a 36% stake for NOK 2.5 million. In 2004, the company had a revenue of NOK 20 million. The following general assembly in December 2005, GB Group made a private placement of NOK 11.7 million in Ofotbanen, increasing the consortium's ownership to 52%.