Auckland Council to sell remaining stake in Auckland Airport

By RNZ

Auckland Council is moving to sell its remaining stake in Auckland International Airport.

Trading of the airport company’s shares has been suspended while the deal is 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 a filing to the NZX.

It said the brokers would be expected to sell to investment funds and clients.

Auckland Airport has been undergoing a major upgrade. Photo / Auckland Airport

On Auckland Airport’s closing price on Tuesday night the stake is worth about $1.3 billion, although such a large parcel of shares would likely be sold at a discount.

Auckland Council has been working to reduce last year in a contentious proposal to reduce the council’s debt and wants to set up a fund for future infrastructure spending.

– RNZ