US fund Capital Group buys $51.7m stake in Infratil from Utilico

Infratil director Duncan Saville

US investment fund Capital Group has taken a 5.4 percent interest in Infratil, buying shares from Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM.

Los Angeles, US-based Capital Group bought 22.6 million shares at $2.28 last Thursday, an investment of about $51.7 million, bringing their total number of shares in the company up to 30.4 million, according to a substantial shareholder notice lodged with the stock exchange.

In a separate notice, Utilico said it reduced its holding to 8.8 percent, selling 17.1 million shares at $2.28, from its previous holding of 11.8 percent. The UK investor reduced its Infratil stake in December from 13.3 percent.

Utilico used to be known as Infratil International, whose directors included Saville, one of the original directors and a founder of Infratil.

Infratil shares were unchanged at $2.31 at the open of trading today.

(BusinessDesk)

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