Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Tranz Rail to Complete Exit from Passenger Service

Tranz Rail to Complete Exit from Passenger Services

Tranz Rail will complete its exit from all passenger train services with the sale of Wellington’s Tranz Metro network and an exit from its current holdings in long distance passenger services.

Tranz Rail today signalled its intention to complete the sale of the Wellington network by the end of the year.

“We believe the future needs of commuters in Wellington will be best met by specialist passenger operators in a private/public partnership similar to the arrangements now being put in place in Auckland.

“We will work through a smooth and quick exit process with the ARC in Auckland, beginning next July, and want to quickly progress the sale of the Wellington network following the WRC’s decision on its joint venture partner,” said Tranz Rail’s Managing Director Michael Beard.

“We have also decided to divest our remaining 50% share in Tranz Scenic, the company that now runs long distance passenger trains in New Zealand. “

Mr Beard said that decision was consistent with the company’s desire to concentrate its efforts on the freight business and Tranz Rail would now look for a buyer for its share in Tranz Scenic.

“Tranz Scenic is running a good operation with very definite and innovative ideas for the future. However our core business and its prospects for significant future growth is freight and that is where we are concentrating our efforts.”


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>