INDEPENDENT NEWS

Air NZ sells remaining stake in Virgin Australia

Published: Wed 12 Oct 2016 05:28 PM
Wednesday 12 October 2016 05:25 PM
Air NZ sells remaining stake in Virgin Australia
By Edwin Mitson
Oct. 12 (BusinessDesk) - Air New Zealand has sold its remaining stake in Virgin Australia for A$65.7 million.
In its monthly update to investors, the company said the sale was an off-market transaction with investors including the Nanshan Group.
In June, Air New Zealand sold its 19.98 percent stake in the airline to China's Nanshan Group, which owns Qingdao Airlines. It had said in March that it was considering sell its stake.
The Kiwi carrier had spent an estimated A$373 million building up and maintaining the Virgin stake since 2011, with today's sale suggesting it has taken a multi-million dollar loss on that investment.
Air NZ shares rose 1.7 percent, or 3 cents, to $1.80, having slumped by a third so far this year.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Rio Tinto announces plans to close Tiwai Point smelter
By: RNZ
New Report on Auckland Port Relocation
By: New Zealand Government
COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted
By: Chartered Accountants Australia and New Zealand
Black-Market Tobacco Sidesteps $287 Million In Excise Tax
By: Imperial Brands
Meridian spilled water to hike electricity prices - Authority ruling
By: RNZ
XE Data Update - RBNZ Official Cash Rate Decision
By: XE Money Transfer
Kiwis Ignore Promise Of Cheaper Power
By: Canstar Blue
Transmission Pricing For A Low Carbon Future
By: Electricity Authority
Economic activity and business confidence bouncing back
By: RNZ
The Climate Record That Keeps Getting Broken
By: NIWA
Extended Loan Scheme Keeps Business Afloat
By: New Zealand Government
2019 Prime Minister’s Science Prizes Announced
By: Prime Minister Science Prizes
Fuel, alcohol costs to go up from today
By: RNZ
Young Kiwi Astro-photographer Shoots For The Stars
By: Stardome Observatory
Time For EU To Commit To A Level Playing Field For Trade
By: DCANZ - Dairy Companies Association New Zealand
View as: DESKTOP | MOBILE © Scoop Media