NZ Super Fund 'happy' with Z Energy stake

Thursday 05 May 2016 02:46 PM

NZ Super Fund 'happy' with Z Energy stake as shares hit record high

By Tina Morrison

May 5 (BusinessDesk) - The New Zealand Superannuation Fund said it is happy to remain a holder of shares in Z Energy, which reached a record high today, after Australian media reports suggesting it planned to sell its 10 percent stake in the fuel retailer.

The Australian Financial Review's 'Street Talk' column this week reported that brokers were pitching to sell the Super Fund's stake in Z Energy after the Commerce Commission last week approved Z's bid to buy the rival Caltex and Challenge! petrol station chains.

However, a Super Fund spokeswoman said the fund "remains a happy holder of Z Energy" while adding that it doesn't comment on market speculation.

Infratil and the Super Fund invested in Z Energy ahead of its listing in 2013. Infratil exited the investment when it sold its remaining 20 percent holding in September last year. The Super Fund sold a 9.73 percent stake at the same time, reducing its holding to just over 10 percent.

Z Energy shares gained 1.3 percent to $7.98, and earlier touched a record high $7.99. The stock has gained 17 percent this year.

(BusinessDesk)

ends

© Scoop Media