NZ government completes Air NZ share sale

As Air New Zealand shares remained buoyant, Qantas shares continued to dive to their lowest point this year. (Seth Jaworski)

The New Zealand government has completed the sale of 20 per cent of its equity in Air New Zealand, raising NZ$365 million from 221 million shares valued at NZ$1.65 a share.

Eighty-four per cent of the shares sold by the government were taken up by New Zealand-based investors, with the remainder by overseas institutions including Australia. It means some 88 per cent of shares held in Air New Zealand are by national investors.

The sale was part of a broader asset sale program by the government, which will remain Air New Zealand’s majority shareholder with around 53 per cent of ordinary shares in the airline.

“We have been very pleased to see this positive reaction to the increased availability of Air New Zealand shares. It clearly recognises the value that has been created in recent years with the right strategies and a great team operating in one of the most challenging industries”, said Air New Zealand’s Chairman, Tony Carter.