Photo: RNZ
- Auckland Council sells remaining stake in Auckland Airport
- 9.7 percent stake worth $1.3 billion on current prices
- Investment brokers were invited to make bids for shares
- Expectation brokers will on sell to investment funds
Auckland Council has sold its remaining 9.7 percent stake in Auckland International Airport.
The sale will return at least $1.31 billion dollars for the Future Fund.
Trading in the airport company's shares had been suspended while the deal was being completed.
"Auckland Future Fund Trustee has invited a relatively large group of brokers to submit offers for a parcel of 163,231,446 shares (a 9.71% shareholding) in Auckland Airport," the airport company said in an earlier filing to the NZX.
It said the brokers would be expected to on sell to investment funds and clients.
Auckland Council last year sold a 7 percent stake for $833m in a contentious proposal to reduce the council's debt and set up a fund for future infrastructure spending.
The council and the Auckland Future Fund had been tight-lipped on the fresh sales process on Wednesday.
"The Auckland Future Fund board has sole discretion on how the council shares in the Auckland International Airport are sold. Auckland Council and the future fund's board have no further comment to make regarding a sell down process at this stage," Future Fund chair Christopher Swasbrook said.
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