Cabinet to rubber stamp partial asset sales on Monday

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Prime Minister John Key expects the cabinet to rubber stamp its partial asset sales plan on Monday.

He says ministers will sign off on the order-in-council to remove Mighty River Power from the State Owned Enterprises Act to the mixed ownership model legislation, paving the way for the sale process to begin.

The government will then invite offers to buy shares.

Mr Key cannot confirm whether the sale process will be under way by the May 16 Budget day.

He says the cabinet decision to delay the process while it consulted with iwi and evaluated the merits of the shares-plus concept helped it win the Supreme Court case.

“If we hadn’t have done those things, we might have been in real strife when we got to the Supreme Court. So we followed the right process, had the right advice from Queen’s counsel David Goddard.”

Business New Zealand chief executive Phil O’Reilly has welcomed the decision, saying it adds clarity and will also provide a huge opportunity to develop capital markets.

“The decision will provide a boost to business confidence and confidence in capital markets.”

bcunningham@nbr.co.nz


2 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

Good bye New Zealand.

By the time the general sleeping populace wakes up it will be too late and only then will they realise they have but themselves to cry too.

Nay blame.

Reply
Share
  • 0
  • 0

Great news.
Just imagine if the Mallard duck had sold Solid Energy when he was Minister of SOE's and Solid Energy was making a profit of $200m?
1) The whingeing left would've marched and prostrated themselves on the steps of Parliament in protest. And
2) The Taxpayer would've been half a billion dollars better off to-day and laughing up their collective sleeve.
'sigh' such is life in NZ

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6368 -0.0018 -0.28%
AUD 0.9114 0.0012 0.13%
EUR 0.5718 -0.0026 -0.45%
GBP 0.4185 -0.0002 -0.05%
HKD 4.9354 -0.0153 -0.31%
JPY 75.9640 -0.7360 -0.96%

Commods

Commodity Price Change Time
Gold Index 1124.0 -8.750 2015-09-03T00:
Oil Brent 51.5 -1.850 2015-09-03T00:
Oil Nymex 47.3 0.440 2015-09-03T00:
Silver Index 14.7 0.040 2015-09-03T00:

Indices

Symbol Open High Last %
NZX 50 5569.7 5573.0 5569.7 -0.41%
NASDAQ 4763.1 4800.2 4750.0 -0.35%
DAX 10216.2 10216.2 10317.8 -1.87%
DJI 16364.3 16550.1 16351.4 0.14%
FTSE 6194.1 6194.1 6194.1 -1.75%
HKSE 21158.9 21174.9 20934.9 -0.45%
NI225 18312.1 18312.1 18182.4 -2.15%