Infratil Sells 3.87% Auckland International Airport Stake

New Zealand utilities investor Infratil Ltd. (IFT.NZ) said Tuesday it has sold its 3.87% stake in Auckland International Airport Ltd. (AIA.NZ).

The 47.4 million shares were sold via an institutional placement at NZ$1.84 per share and raised NZ$87.25 million, the company said in a statement.

Chief Executive Marko Bogoievski said the sale was consistent with recent capital management initiatives and will provide additional flexibility to fund current and future opportunities.

Infratil, in consortium with the New Zealand Superannuation Fund, is the exclusive bidder for a stake in Royal Dutch Shell PLC's (RDSA, RDSB, RDSB.LN) refining and retail assets in New Zealand.

Infratil said that since March 31, it has divested over NZ$215 million of non-core assets and raised over NZ$98 million of new capital.

The sale will result in a NZ$6 million gain in the fiscal year ending March, 31, 2010, Bogoievski said.

Auckland Airport shares closed Monday at NZ$1.93.

-By Simon Louisson, Dow Jones Newswires; 64-4-471-5990; simon.louisson@dowjones.com

Infratil (ASX:IFT)
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