Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

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

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

PM's Press Conference: Pike Re-Entry Agency

At today's post-cabinet press conference Prime Minister Jacinda Ardern was joined by Minister Responsible for Pike River Re-entry Andrew Little to announce plans for the new agency for re-entry of the mine.

The Pike River Recovery Agency, Te Kahui Whakamana Rua Tekau ma Iwa, will be officially established on 31 January 2018 and will work with the Pike River families with the intention of manned entry of the drift before March 2019. More>>

 

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election