Two of the founders of car navigation system makers, Tom Tom, and three of the company’s board members are to sell a total of 14 million shares valued at €490 mln at Monday’s closing prices, Het Financieele Dagblad reports.

It is the first time since the company’s IPO in May 2005 that more shares have come onto the market. Tom Tom said the group had decided to sell in order to diversify their assets and remained ‘fully committed’ to the company.