Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Kiwi Shareholder consents to Singapore Airlines

Media Statement

17 April 2000

Air New Zealand

Kiwi Shareholder consents to Singapore Airlines Limited becoming a 25% shareholder in Air New Zealand Limited

“Following an application made by Singapore Airlines, the Kiwi shareholder has today consented to Singapore Airlines acquiring not more than 25% of the share capital of Air New Zealand Limited in the form of “B” shares,” Mark Gosche announced tonight.

On 10 April the Kiwi shareholder consented to Singapore Airlines acquiring not more than 8.3% of the share capital of Air New Zealand Limited. This consent supersedes that earlier one.

“If Singapore Airlines takes up this opportunity, the Government looks forward to the airline making a positive contribution to the growth of Air New Zealand and to New Zealand’s international air links,” Mr Gosche said.

The level approved in this decision was that sought by the applicant.

An important issue for the Government is the preservation of Air New Zealand’s access to our international air traffic rights. The Government, through the powers of the Kiwi shareholder contained in the company’s Constitution, will continue to ensure that Air New Zealand remains controlled by New Zealand nationals.

“A condition included in the consent requires that Singapore Airlines abstain from voting on the election of at least one “B” director,” the Minister noted. This is to ensure that the interests of other “B” shareholders will be represented at the Air New Zealand Board table.

Under existing New Zealand government policy no foreign airline or airline interest may own more than 25% of a New Zealand international airline and foreign airlines or airline interests may not own in total more than 35% of the share capital.

“The Government’s concern in this matter has largely been one of whether or not New Zealand control of Air New Zealand would be put at risk, ” the Minister said. “The consent does not represent a judgement by the Government as to whether Singapore Airlines is the best partner for Air New Zealand. That is a matter for the commercial parties involved.”

The consent does not exclude the possibility of another airline being given consent to hold “B” shares in Air New Zealand. Singapore Airlines will have the normal obligations to comply with the Commerce Act and the Overseas Investment Regulations.

This release has been timed to take place after the close for the day of the Singapore stock exchange.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news