Auckland Council is moving to sell its remaining stake in Auckland International Airport.
Trading in the airport company’s shares has been suspended while the deal was being completed.
“Auckland Future Fund Trustee has invited a relatively large group of brokers to submit offers for a parcel of 163,231,446 shares (a 9.71% shareholding) in Auckland Airport,” the airport company said, in a filing to the NZX.
It said the brokers would be expected to on sell to investment funds and clients.
On Auckland Airport’s closing price on Tuesday night, the stake was worth about $1.3 billion, although such a large parcel of shares would likely be sold at a discount.
Auckland Council last year sold a 7% stake for $833m in a contentious proposal to reduce the council’s debt and set up a fund for future infrastructure spending.
The council and the Auckland Future Fund were tight-lipped on the fresh sales process on Wednesday.
“The Auckland Future Fund board has sole discretion on how the council shares in the Auckland International Airport are sold. Auckland Council and the future fund’s board have no further comment to make regarding a sell down process at this stage,” Future Fund chair Christopher Swasbrook said.
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