English lifting lid on Genesis sale

Last updated 05:00 25/02/2014

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Finance Minister Bill English will outline details of the last of the Government's state asset sales tomorrow.

Prime Minister John Key said yesterday that a stake in Genesis Energy would be sold in the next "month or so", after which the Government would call time on the controversial mixed ownership model programme.

He refused to outline the details of the sale ahead of a speech by Mr English tomorrow, but it is understood that it will be fundamentally similar to the earlier energy company sales, with Treasury aiming to find buyers for 49 per cent of the company.

The instalment receipts structure used for the partial sale of Meridian Energy - by which investors were able to defer paying for a third of the investment for 18 months - will not be repeated for Genesis, although it is possible retail investors will be offered some kind of inducement.

Based on the recently reduced target for asset sales, it appears the Treasury expects to raise $600 million to $1 billion from the stake in Genesis.

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- Wellington

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