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TEXT-NZ's Infratil sells stake in Auckland Int'l Airport

Mon Nov 9, 2009 2:48pm EST

(The following statement was released by the company)

Industrials  |  Utilities

WELLINGTON, Nov 10 - Infratil today announced that it has sold its 3.87 percent (47.4 million shares) investment in Auckland International Airport Limited at a price of $1.84 per share. The shares were sold by way of institutional placement and raised a total of $87.25 million. Marko Bogoievski, Infratil's CEO, said the sale of the Auckland Airport shares was consistent with recent capital management initiatives and provided additional flexibility to fund current and future opportunities. In the period since 31 March 2009 Infratil has divested in excess of $215 million of non-core assets and raised over $98 million of new capital.

As a result of the sale, Infratil said that it would record a gain on sale of approximately $6 million in the financial statements for the year ended 31 March 2010.
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