Air NZ sells remaining stake in Virgin Australia
Off-market transaction.
Hot Topic
Earnings season
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% stake in the airline to China's Nanshan Group, which owns Qingdao Airlines.
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%, or 3c, to $1.80, having slumped by a third so far this year.
(BusinessDesk)
Click the hamburger symbol top right of our homepage to access the Rich List 2016 and other sections.
Edwin Mitson
Thu, 13 Oct 2016
Thu, 13 Oct 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Air NZ sells remaining stake in Virgin Australia
62325