Super Fund sells down Auckland Airport stake

Last updated 09:18 15/02/2013
AIA 4.475 -0.05 -1.00%
AIA

Click for a detailed chart

Relevant offers

National business

Asia beckons for software innovator Finzsoft Follow Black Caps' lead to business success Banks' tertiary packs not packed with student bribes CFOs key to sustainable business: Derek Handley Analysts bullish about beef Fonterra's architect takes on Canberra Fairer tax demands people power Finance product: Insurance for your caravan and trailer Fonterra in $11m cheese blunder Robotics the way ahead for dairy couple

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

Featured Promotions

Sponsored Content