Air NZ sells remaining stake in Virgin Australia
Off-market transaction.
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)
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Edwin Mitson
Thu, 13 Oct 2016
Thu, 13 Oct 2016
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Air NZ sells remaining stake in Virgin Australia
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