Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 4.970 0.05 1.02%
AIA

Click for a detailed chart

Relevant offers

Politics

Ministers happy to grin from the sideline as the real stars of the show visit Former spy paid to infiltrate Greenpeace and unions Next stage in State house sell-off to get underway in Tauranga, Invercargill Mainfreight boss takes swipe at Steven Joyce over rail and technology Protection orders should have an expiry date - MPs Hamilton City Council says 'no thanks' to online voting trial Alps 2 Ocean cycle trail to be completed with almost $1 million in funding Government push ahead with mixed governance for Environment Canterbury Lawyers and human rights advocates fear secret courts Domestic violence courts could be part of shake-up

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

- BusinessDay.co.nz

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