Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 5.240 0.06 1.16%
AIA

Click for a detailed chart

Relevant offers

Politics

Continuing fall in forecast dairy payout is concerning, says Bill English Helen Clark says women are still being held back by 'family duties' Steven Joyce downplays economic recession talk Northland bridges: going once, going twice 'We genuinely like each other', says NZ First trio Council claws back rebuild power Ron Mark new NZ First deputy Two new housing areas in south Auckland to provide 1800 homes More than one in five Auckland homes is being sold within two years Murray McCully's peace aspirations gives the knockers material

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

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content