Govt confirms partial sale of Air New Zealand

[WELLINGTON] The New Zealand government confirmed yesterday the partial sell-off of national flag carrier Air New Zealand to local and offshore institutions.

It did not say how much it expected to raise from the long-expected sale but market analysts have previously forecast about NZ$400 million (S$416 million).

The government will reduce its holding from 73 per cent to 53 per cent in the sale which will commence today, Finance Minister Bill English said.