It's too early to say what the money may be used for, but there's a good chance of it being spent on capital works and to ease a $610 million borrowing programme in 2014.
A mayoral spokesman said Len Brown's focus on behalf of ratepayers was prudent financial management. Mr Brown has promised to tighten the belt in his second term following widespread concern about soaring debt, hefty rates increases and a blow-out in the wages bill on the recent campaign hustings.
Under his leadership, debt has risen from $3.9 billion to $6.7 billion in his first three budgets and there is little or no money for new projects in next year's budget.
Mr Brown is a strong believer in public ownership of shareholdings in the airport and port, saying the dividends help the council invest in communities and keep rates affordable.
Mark Lister, head of private wealth research at Craigs Investment Partners, said the capital return would be good for the entire market.
"There's nothing wrong with funding your business with debt. It's a lot cheaper than equity, especially at the moment," he said.
The company will seek shareholder approval in February to cancel one in 10 shares at $3.43 each.
- Additional reporting by Grant Bradley
