Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 5.260 -0.03 -0.57%

Click for a detailed chart

Relevant offers


Government plays up cuts to back office staff, despite Treasury blow-out 'No eureka moment' from Australian govt on deportation rules - Andrew Little Public watchdogs need to bare their teeth over misuse of OIA, taxpayer events Andrew Little given 'good hearing' on Kiwi rights in Australia despite pushback Greenpeace protesters charged over boat boarding Australian Labor supportive of improved rights for Kiwi expats - Andrew Little Explainer: What is the Government doing about child abuse? Dr Patrick Kelly: The health system can help on child abuse Philippa Howden-Chapman highlights NZ's increasingly embarrassing housing crisis Faces of Innocents: Promises, promises

The New Zealand Superannuation Fund has sold a $277 million stake in Auckland International Airport overnight in a block sale to institutional investors.

The transaction, at a discount to yesterday's closing price of $2.94, cuts the fund's airport shareholding from 10 per cent to 2 per cent.

The Super Fund's general manager of investments Matt Whineray said the sale was not a reflection on the airport business. "AIA is a well-managed, quality company and has contributed positively to Fund performance," he said.

"In conjunction with our investment manager Morrison & Co, we have taken the opportunity presented by the current strong New Zealand sharemarket and good demand for the shares to reduce our large overweight position in AIA." Whineray said it was important to keep the fund's New Zealand investments of more than $3 billion diversified and hard-working.

The fund recently bought a 35 per cent stake in privately-held technology services company, Datacom. It also recently agreed to increase its shareholding in Kaingaroa Forest.

Ad Feedback


Special offers
Opinion poll

Where do you stand on political coat-tail riding?

If it gets marginalised voices into Parliament, I'm for it.

I'm against it - if you don't get the votes, you shouldn't be there.

It's just part of the political game.

Vote Result

Related story: Voters reject riding on the coat-tails

Featured Promotions

Sponsored Content