The Business Times

Air NZ share sale adds NZ$365m to govt coffers

Published Tue, Nov 19, 2013 · 10:00 PM
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[WELLINGTON] New Zealand's government raised NZ$365 million (S$378.4 million) from the sale of shares in Air New Zealand Ltd, completing the third of four planned asset sales before next year's election.

The government sold 221 million shares at NZ$1.65 apiece, reducing its stake in the national carrier to 53 per cent from 73 per cent, Finance Minister Bill English said in a statement. Air New Zealand shares, halted on Monday and yesterday, last traded on Nov 15 at NZ$1.65.

Prime Minister John Key has now raised NZ$3.93 billion from asset sales in a programme to fund infrastructure and reduce debt. The government has sold 49 per cent stakes in Mighty River Power Ltd and Meridian Energy Ltd this year, and has slated an offering of Genesis Energy Ltd shares for next year.

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