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Manukau City Council lifts airport stake to 10.1%

Manukau City Council lifts airport stake to 10.1%

On Friday 20 January, Manukau City Investments Limited (MCIL) purchased 5 million Auckland International Airport shares. Following completion of the Airport’s share buyback, this will take MCIL’s strategic shareholding to 10.1%.

MCIL is wholly owned by Manukau City Council. It was set up as a Council Controlled Organisation last year to manage the Council’s investment in the airport.

In welcoming the purchase, Mayor Sir Barry Curtis said “Securing a stake in excess of 10% is not only a sound and sensible investment; it also ensures that our stake in one of New Zealand’s most profitable companies is protected for the City as a whole.”

The airport, which was jointly owned by the Government and the Local Authorities in the Auckland region was corporatised in 1988. It was listed on the stock exchange when the Government decided to dispose of its shares in 1998.

From its inception, MCIL held the view that it was strategically important to increase its shareholding from 9.55% to above the 10% threshold required to prevent compulsory acquisition in the event of a takeover.

Council agreed with MCIL’s advice and gave authorisation to buy the shares.

Sir Barry added: “This Council has long recognised the enormous growth potential of the airport company and the advantages of long term ownership.

“Whilst the other local authority shareholders, with the exception of Auckland City, opted for the immediate short term gain, Manukau City ratepayers have continued to benefit from this Council’s decision to retain its shareholding.”

Ends

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